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Give the correct answer with detailed explanation and don't copy from internet . b. After 200 feet of drilling on the first well, a soil
Give the correct answer with detailed explanation and don't copy from internet.
b. After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil ident P(soil high-quality oil) = 0.15 P(soil medium-quality oil) = 0.85 P( soil no oil) = 0.15 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? Medium-qualityStep by Step Solution
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