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Refer to the following payoff table: There is an option of paylng $100 to have research conducted to better predict which state of nature will
Refer to the following payoff table: There is an option of paylng $100 to have research conducted to better predict which state of nature will occur. When the true state of hature Is High, the research will accurately predict High 70% of the time. When the true state of nature is Low, the research will accurately predict Low 75% of the time. Given that the research is conducted, what is the joint probability that the state of nature is High and the research predicts Low? Note: Round your answer to 2 decimal place
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