Suppose that a landowner has on her property two spots fordrilling for oil. Supp

Question

Suppose that a landowner has on her property two spots fordrilling for oil. Suppose that the event of finding oil in 1spot is independent of finding oil in the other and that for eachspot, the probability of finding oil is 0.7. What is theprobability of finding oil in a) neither spot; b) at least 1 of the 2 spots? Suppose that a landowner has on her property two spots fordrilling for oil. Suppose that the event of finding oil in 1spot is independent of finding oil in the other and that for eachspot, the probability of finding oil is 0.7. What is theprobability of finding oil in a) neither spot; b) at least 1 of the 2 spots?

Explanation / Answer

a) P(none)=.3(.3)=.09(100)=9% chance :
b)1- P(none)=1-.09=.91(100)=91% chance

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