A Defense Contractor Has Submitted a Bid to Make New

Essay

A defense contractor has submitted a bid to make new helmets for the army.The defense contractor believes that the odds of winning the bid stand at 50-50 chance.Past history indicates that if the bid is successful,there is a 0.75 probability that the contractor will hear about the status of the bid within one week.There is also a 0.40 probability that the contractor will hear from the army within one week if the bid is unsuccessful.What is the probability that the bid is successful if the contractor hears about the status of the bid within one week? Use Bayes' theorem to compute this posterior probability.