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What is the probability that a business will experience

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A consulting firm offers a market viability study to businesses seeking to expand into a new market. In the past, when a business experienced expansion success in a new market, the survey had revealed favourable conditions 75% of the time, and when a business did not experience expansion success in a new market, the survey had revealed unfavourable conditions 95% of the time. If 70% of the businesses that expanded experienced success, what is the probability that a business will experience success given a favourable market report from the consulting firm?

Reference no: EM132461859

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