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Question

Assume that the business makes a profit with probability 0.7 in the

first year. For each year thereafter, the business makes a profit with probability 0.6 if it made a profit in the previous year, and with probability 0.4 if it did not make a profit in the previous year.
What is the probability that the business makes a profit in exactly two of its first three years?

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Subject: Math
Assume that the business makes a profit with probability 0.7 in the first year. For each year thereafter, the business makes a profit with
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