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One local hospital has just enough space and funds currently available to start either a cancer or heart research lab. If administration decides on the
One local hospital has just enough space and funds currently available to start either a cancer or heart research lab. If administration decides on the cancer lab, there is a percent chance of getting $ in outside funding from the American Cancer Society next year, and an percent chance of getting nothingIf the cancer research lab is funded the first year, no additional outside funding will be available the second yearHowever, if it is not funded the first year, then management estimates the chances are percent it will get $ the following year, and percent that it will get nothing again, however, the hospital's management decides to go with the heart lab then there is a percent chance of getting $ in outside funding from the American Heart Association the first year and a percent change of getting nothingthe heart lab is funded the first year, management estimates a percent chance of getting another $ and a percent chance of getting nothing additional the second year, if it is not funded the first yearthen management estimates a percent chance for getting $ and a percent chance for getting nothing in the following yearFor both the cancer and heart research labs, no further possible funding is anticipated beyond the first two years What is the probability that the heart lab will be funded in both the first and second years?
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