QUESTION 4: Consider newly incorporated small businesses in a certain area. Data

Question

QUESTION 4:
Consider newly incorporated small businesses in a certain area. Data indicates that there is a 69% chance that a business fails within the first year, a 21% chance that a business is its owner's first venture, and a 19% chance that a business fails during the first year and is its owner's first venture. Let F be the event that a business fails during the first year and let V be the event that the business is its owner's first venture. P(F)= 0.69, P(V)= 0.21, and P(F ? V)= 0.19. What is the probability that a business DOES NOT FAIL during the first year and that it is not its owner's first venture?

Your Answer: ___________

Explanation / Answer

So the intersection is 19%. Which means business fails but not first venture = 69%-19%=50% Succeeds but first venture = 21%-19%=2% So add all 3 up: 71% Now 1-answer = .29

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