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This question looks simple on face but i am not able to deduce the approach.A tool is developed by the company and after many uses following status has been established.1% of the transactions marked by the tool as erroneous were actually correct.1% of the transactions marked by the tool as good transactions were actually erroneous.If the entry marked by the tool is errorneous, find the probability that it is actually erroreneous?If the entry marked by the tool is error free, find the probability that is actually free?If the entry marked by tool is error free, find the probability that it is actually erroneous?

18 Points
8 years ago

the first one is simple - it is given that 1% of the transactions that are marked by the tool as erroneous are correct. so 99% of the transactions that are marked as erroneous are actually erroneous so answer to the first one .99

the second one - 1% of transactions that are marked as good are erroneous so the probability that it is actually free is again 99% => .99

the third one - similar - .01