Problem: there are 2 kinds of customers, some who buy cycles and others who buy motor...
Problem: there are 2 kinds of customers, some who buy cycles and others who buy motor bikes. based on past data, its found that 20% of customers buy cycles. of the customers who buy cycles, 75% take a loan and rest pay in cash. those who buy motor bikes, only 20% of them take a loan.
1) what is probability that a randomly selected customer with pay with credit and a randomly selected customer will pay with cash.
can u check if my steps are correct?
p(cycle)=0.2 p(bikes)=0.8
P(cycle/credit)= 0.75 * 0.2 = 0.15
P(cycle/cash)= 0.25 * 0.2 = 0.05
P(bikes/credit)= 0.2 *0.8 = 0.16
P(bikes/cash) = 0.64
answer: P(randomly selected person using credit) = 0.15 + 0.16 = 0.31
P (radomly selected person using cash) = 0.05 + 0.64 = 0.69
is that correct? can you please let me know
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