What is the probability of a normal economy in the future, Finance Basics

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What is the probability of a normal economy in the future

Problem

Assume there are only three possible states of nature for the economy in the future: boom, normal, and recession. If there is a 25% chance of a recession and a 30% chance of a boom, then what is the probability of a normal economy in the future?

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Finance Basics: What is the probability of a normal economy in the future

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Finance Basics: What is the probability of a normal economy in the future

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