For Maple Ledger’s invoices P(late) = 0.24 and P(error) = 0.16. Compute P(late) × P(error), the joint probability the two events would have if independent. Tolerance ±0.0005.
For Maple Ledger’s invoices P(late) = 0.24 and P(error) = 0.16. Compute P(late) × P(error), the joint probability the two events would have if independent. Tolerance ±0.0005.
Answer
0.0384
Cells - P(late) × P(error) · ±0.0005 0.24 × 0.16 = 0.0384. The actual joint probability is 0.06, so the product test fails and the events are dependent: a late invoice is more likely than average to carry an error.
IBS1 §3.2 (independent and mutually exclusive events, drilled on every example), CC BY 4.0 — shape only; original dataset