A cryptocurrency market analyst investigated the performance of a large number of cryptocurrencies listed on CoinMarketCap, a
Question:
A cryptocurrency market analyst investigated the performance of a large number of cryptocurrencies listed on CoinMarketCap, a website that tracks cryptocurrencies by market captialization. The analyst found that of all the cryptocurrencies 15% performed much better (that is, the price rose) in comparison to the previous year, 23% performed much worse (that is, the price fell) in comparison to the previous year, and the others performed about the same as the last year. Of the cryptocurrencies that were rated as “best buys,” 30% were those that had performed much better than the previous year, 17% were those that performed about the same, and 5% were those that had performed much worse. What is the probability that a cryptocurrency rated as “best buy” performed much better than the previous year?
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9781292436845
10th Global Edition
Authors: Paul Newbold, William Carlson, Betty Thorne