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August 2, 2015

Homework Help: FINITE

Posted by Hil-hellpp! on Wednesday, February 16, 2011 at 12:11am.

Assume that the business makes a profit with probability
0.8 in the first year. For each year thereafter, the business makes a profit
with probability 0.8 if it made a profit in the previous year, and
with probability 0.2 if it did not make a profit in the previous year.



What is the probability that the business makes a profit in exactly
two of its first three years?

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