There is a 30 chance that the economy will be good next year
There is a 30% chance that the economy will be good next year and a 70% chance that it will be bad. If the economy is good, there is a 60% chance of a bull market, a 30% chance of a normal market, and a 10% chance of a bear market. If the economy is bad, there is a 15% chance of a bull market, 30% chance of a normal market, and a 55% chance of a bear market.
What is the probability of having a good economy and a bull market? Please show all your work without skipping steps
Solution
