An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.

P(High-quality oil) = 0.4

P(Medium-quality oil) = 0.4

P(No-oil) = 0.2

a. What is the probability of finding oil (to 1 decimal)?

b. After feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are given below.

P(soil | High-quality oil)= 0.3

P(soil | Meduim-quality oil) = 0.5

P(soil | No-oil) = 0.2

Given the soil found in the test, use Bayes' theorem to compute the following revised probabilities (to 4 decimals).

What is the new probability of finding oil (to 4 decimals)?

According to the revised probabilities, what is the quality of oil that is most likely to be found?

- Select your answer -High quality Medium quality No oilItem

You have just been hired as a financial analyst for barrington industries. unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. so, your first job will be to recreate the firm's cash flow statement for the year just ended. the firm had $100,000 in the bank at the end of the prior year, and its working capital accounts except cash remained constant during the year. it earned $5 million in net income during the year but paid $800,000 in dividends to common shareholders. throughout the year, the firm purchased $5.5 million of machinery that was needed for a new project. you have just spoken to the firm's accountants and learned that annual depreciation expense for the year is $450,000; however, the purchase price for the machinery represents additions to property, plant, and equipment before depreciation. finally, you have determined that the only financing done by the firm was to issue long-term debt of $1 million at a 6% interest rate. what was the firm's end- of-year cash balance? recreate the firm's cash flow statement to arrive at your answer

Fly-by products, inc. operates primarily in the united states and has several segments. for the following segment, determine whether it is a cost center, profit center, or investment center: international operations- acts as an independent segment responsible for all facets of the business outside of the united states. select one: a. cost center b. profit center c. investment center

Harris fabrics computes its predetermined overhead rate annually on the basis of direct labor-hours. at the beginning of the year, it estimated that 34,000 direct labor-hours would be required for the period’s estimated level of production. the company also estimated $599,000 of fixed manufacturing overhead expenses for the coming period and variable manufacturing overhead of $3.00 per direct labor-hour. harris's actual manufacturing overhead for the year was $768,234 and its actual total direct labor was 34,500 hours.required: compute the company's predetermined overhead rate for the year. (round your answer to 2 decimal places.)