Use Bayes' Theorem to Find the Indicated Probability

question 154

Multiple Choice

Use Bayes' theorem to find the indicated probability.
-At Sally's Hair Salon there are three hair stylists. 23% of the hair cuts are done by Chris, 32% are done by Karine, and 45% are done by Amy.
Chris finds that when he does hair cuts, 7% of the customers are not satisfied. Karine finds that when she does hair cuts, 8% of the customers are not satisfied.
Amy finds that when she does hair cuts, 3% of the customers are not satisfied.
Suppose that a customer leaving the salon is selected at random. If the customer is not satisfied, what is the probability that their hair was done by Amy?

• A) 0.245
• B) 0.324
• C) 0.03
• D) 0.292

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Definitions:

Fair Value Allocation

Fair Value Allocation involves the process of assigning the fair value to the assets and liabilities of a company, especially during an acquisition, for financial reporting purposes.

Amortization

The process of spreading the cost of an intangible asset over its useful life, thereby reducing a company's taxable income.

Equipment

Tangible assets or physical items used in the operation of a business, including machinery, computers, and office furniture.

Common Stock

A type of equity ownership in a corporation, entitling holders to vote on corporate matters and receive dividends.