Question

In: Math

You apply for a summer internship with a startup company, and your chance of getting an...

You apply for a summer internship with a startup company, and your chance of getting an offer
is 80% if you well prepare for an interview. Otherwise, you will only get 20% chance for an
offer. Suppose that the likelihood of your preparation going well is 30%. What is the probability
that you get the internship?

Solutions

Expert Solution

Answer :

Here we have given the probabilities. So first we define the events as

A = Event that you are well prepare for the interview.

It's complementary event is given by

A' = Event that you are not well prepare for the interview.

B = Event that getting an internship offer.

Now let's summaries the given probabilities of the given events as

P ( A ) = 0.30 And

P ( A ' ) = 1 - P ( A ) = 1 - 0.30 = 0.70

P ( B / A ) = 0.80 And

P ( B / A' ) = 0.20

Here we want to find the ' Probability that you get the internship offer.'

That is the probability of the event B, that is P ( B ) = ?

Here the given events are dependent and the event A forms an partition. So to find the probability of the event B we need to use the " Theorem of total probability". Which is given by

  

Now let's plug the values in the formula as

P ( B ) = 0.80 * 0.30 + 0.20 * 0.70 = 0.24 +0.14 = 0.38

Therefore P ( B ) = 0.38

Then the required probability of getting the internship is 0.38.


Related Solutions

You have just begun your summer internship at Tmedic. The company supplies sterilized surgical instruments for...
You have just begun your summer internship at Tmedic. The company supplies sterilized surgical instruments for physicians. To expand sales, Tmedic is considering paying a commission to its sales force. The controller, Jane Hewitt, asks you to compute (1) the new breakeven sales figure and (2) the operating profit if sales increase 15% under the new sales commission plan. She thinks you can handle this task because you learned CVP analysis in your accounting class.                 You spend the next...
You have just landed your dream summer internship, and your boss asks you to analyze a...
You have just landed your dream summer internship, and your boss asks you to analyze a project that has an investment cost of $2,000,000, to be paid today (t = 0), and will generate a cash-flow of $200,000 in the first year (t = 1). The cash-flow will then grow at 10% per year for the next six years (the last time the cash-flow grows at 10% is from t = 6 to t = 7). Afterwards, as competition increases,...
You have just started your summer? internship, and your boss asks you to review a recent...
You have just started your summer? internship, and your boss asks you to review a recent analysis that was done to compare three alternative proposals to enhance the? firm's manufacturing facility. You find that the prior analysis ranked the proposals according to their? IRR, and recommended the highest IRR? option, Proposal A. You are concerned and decide to redo the analysis using NPV to determine whether this recommendation was appropriate. But while you are confident the IRRs were computed? correctly,...
You have just started your summer internship, and your boss asks you to review a recent...
You have just started your summer internship, and your boss asks you to review a recent analysis that was done to compare three alternative proposals to enhance the firm's manufacturing facility. You find that the prior analysis ranked the proposals according to their IRR and recommended the highest IRR option, Proposal A. You are concerned and decide to redo the analysis using NPV to determine whether this recommendation was appropriate. But while you are confident the IRRs were computed correctly,...
You have just landed your dream summer internship, and your boss asks you to analyze a...
You have just landed your dream summer internship, and your boss asks you to analyze a project that has an investment cost of 3,500,000, to be paid today (t = 0), and will generate a cash-flow of 350,000 in the first year (t = 1). The cash-flow will then grow at 12% per year for the next eight years (the last time the cash-flow grows at 12% is from t = 8 to t = 9). Afterwards, as competition increases,...
You have an internship this summer for the Cook County Department of Public Health. Your job...
You have an internship this summer for the Cook County Department of Public Health. Your job is to work with the West Nile Virus group. You need to identify possible reservoirs, vectors, and determine how many people have been infected this year. Discuss which three types of organisms you will be examining and why.
A student is trying to value an internship opportunity for the upcoming summer. The internship will...
A student is trying to value an internship opportunity for the upcoming summer. The internship will last three months and pay her $2,271.00 at the end of each month. She will also get a “signing” bonus at the beginning of the internship for $850.00. If the student can invest this money in an account that pays 5.04% APR with monthly compounding, what is the value of her account at the end of her internship? Answer format: Currency: Round to: 2...
A student is trying to value an internship opportunity for theupcoming summer. The internship will...
A student is trying to value an internship opportunity for the upcoming summer. The internship will last three months and pay her $2,336.00 at the end of each month. She will also get a “signing” bonus at the beginning of the internship for $650.00. If the student can invest this money in an account that pays 5.64% APR with monthly compounding, what is the value of her account at the end of her internship?
A student is trying to value an internship opportunity for the upcoming summer. The internship will...
A student is trying to value an internship opportunity for the upcoming summer. The internship will last three months and pay her $2,147.00 at the end of each month. She will also get a “signing” bonus at the beginning of the internship for $585.00. If the student values this opportunity with a 3.72% APR with monthly compounding, find the value to her today.
you landed a summer internship with a company that processes dental insurance claims for insurance companies....
you landed a summer internship with a company that processes dental insurance claims for insurance companies. The company receives the insurance claims from dental offices, achieves authorization from the correct insurance company, and sends payment checks. You do not deal with dental customers directly; instead, you work with insurance companies on one side and dental offices on the other. After two months with the company, you think a number of frauds may be occurring, and you feel the best way...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT