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Find probability that new camera phone will be successful

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Reference no: EM131572086

Question: An electronics company is planning to introduce a new camera phone. The company commissions a marketing report for each new product that predicts either the success or the failure of the product. Of new products introduced by the company, 60% have been successes. Furthermore, 70% of their successful products were predicted to be successes, while 40% of failed products were predicted to be successes. Find the probability that this new camera phone will be successful if its success has been predicted.

Reference no: EM131572086

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