Order Your Paper From the most reliable Essay writing Service. 

.

 


Personal Financial Advisors (PFA) are required by law to write a professional exam. PFAs can…

Personal Financial Advisors (PFA) are required by law to write a professional exam. PFAs can choose to attend a workshop to prepare for the exam. 30% attended a preparatory workshop and, of these advisors, 80% of them passed the professional exam. Of those that did not attend a preparatory workshop, only 60% passed the professional exam.

(a) Draw a probability tree to show all the outcomes and their probabilities for the two events, workshop (attend/not attend) and exam result (pass/fail)). Let the first branch be the event {workshop} and the second branch be the event

{exam result}.

(b) Use the probability tree to find the following probabilities:

(i) What is the probability of a PFA passing the exam andhaving attended a workshop?

(ii) What is the probability of a PFA passing the exam (regardless of whether they attended a workshop or not)?