An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. P(high-quality oil) = 0.55 P(medium-quality oil) = 0.20 P(no oil) = 0.25 a. What is the probability of finding oil (to 2 decimals)? b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below. P(soil high-quality oil) = 0.25 P(soil medium-quality oil) = 0.90 P(soil no oil) = 0.25 Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals). P(high-quality oil| soil) P(medium-quality oil soil) P( no oil | soil) What is the new probability of finding oil (to 4 decimals)? According to the revised probabilities, what is the quality of oil that is most likely to be found? - Select your answer - High-quality Medium-quality No oil