Hello,
I attempted this question on pg 503 in the book back in December. My answer was wrong. I circled back to it today and it is still wrong. Here is the questions.
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For this question my brain can’t seem to pick up that the answers are joint probabilities for each one. How can I infer from the sentence that they are looking for a joint probability question.
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I calculated by Joint probability 1 X $0.90 + Joint probability 2 X $0.80. However, the actual method is 0.45 X $0.90 + 0.55 X $0.80 which doesn’t make any sense to me.
Sorry for the long length.