Historically, the companies products have been
S.A.T. Company is ready to launch a new product domestically. Historically, the companies products have been
successful domestically 93% of the time. This new product has been sold overseas for the past 6 months as this has been the traditional market strategy (test a product overseas before bringing it to the domestic market). Historically, products which are successful domestically were successful in the international market 86% of the time. Conversely, products which fail domestically had already failed internationally 92% of the time.
Determine the probability that this new product will be successful domestically if the product has been successful overseas. Indicate your answer to four decimal places (i.e. 0.0001).
Statistics and Probability