A drilling company has estimated a 40 chance of striking, Basic Statistics

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A drilling company has estimated a 40 chance of striking

A drilling company has estimated a 40% chance of striking oil for their new well. A detailed test has been scheduled for more information. Historically,60% of successful wells have had detailed tests, and 20% of unsuccessful wells have had detailed tests. Given that this well has been scheduled for a detailed test, what is the probability that the well will be successful?

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Basic Statistics: A drilling company has estimated a 40 chance of striking

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Basic Statistics: A drilling company has estimated a 40 chance of striking

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