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Tim Bleckie is the owner of Bleckie Investment and Real
Chapter 5, Problem 74E(choose chapter or problem)
Problem 74E
Tim Bleckie is the owner of Bleckie Investment and Real Estate Company. The company recently purchased four tracts of land in Holly Farms Estates and six tracts in Newburg Woods. The tracts are all equally desirable and sell for about the same amount.
a. What is the probability that the next two tracts sold will be in Newburg Woods?
b. What is the probability that of the next four sold at least one will be in Holly Farms?
c. Are these events independent or dependent?
Questions & Answers
QUESTION:
Problem 74E
Tim Bleckie is the owner of Bleckie Investment and Real Estate Company. The company recently purchased four tracts of land in Holly Farms Estates and six tracts in Newburg Woods. The tracts are all equally desirable and sell for about the same amount.
a. What is the probability that the next two tracts sold will be in Newburg Woods?
b. What is the probability that of the next four sold at least one will be in Holly Farms?
c. Are these events independent or dependent?
ANSWER:
Solution:
Step1 of 3:
Given that, the company recently purchased four tracts of land in holly farms, estates and six tracts in Newburg woods.
That is,
Holly farms = 4 tracts
Newburg woods = 6 tracts
Total tracts = 10
a). We have to find the probability that the next two tracts sold will be in Newburg woods.
That is, the required probability is
= 0.33
Therefore, the required probability is 0.33.