A firm has classified its customers in two ways according to whether the account is overdue and whether the account is new less

Question

A firm has classified its customers in two ways according to whether the account is overdue and whether the account is new less than 12 months or old An analysis of the firm s records provided the input for the following table of joint probabilities One account is selected at random A If the account is overdue what is the probability that it is new B If the account is new what is the probability that it is overdue Overdue Not overdue 0 03 New Old 0 51 0 15 0 31

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