An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities. a. What is the probability of finding oil (to 2 decimals)? P(high-quality oil) = 0.50 P(medium-quality oil) = 0.25 P(no oil) = 0.25 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) = 0.85 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 - +