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Suppose you are concerned that your business will get audited by the Internal Revenue Service (IRS), three years in a row, when they see the
Suppose you are concerned that your business will get audited by the Internal Revenue Service (IRS), three years in a row, when they see the deductions that you took.You are concerned you may go to jail!Assume that the chances of getting audited, for your type of business, by the IRS is 6%, for any given year.What is the probability that you may go to jail?Show your calculations.Carry answer out four decimal places.
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