an oil company purchased an option on land in alaska. preliminary geological studies showed that there is a 71% chance that there is oil under the land. after 200 feet of drilling on the first well, a soil test is made and soil type xt2 is found. such soil is found 81% of the time when oil is present and only 36% of the time when oil is not present. given that soil type xt2 was found, what would your new assessment of the chance that oil is present be? a. define events that will be useful in answering the question. b. write out mathematically the probabilities that are provided and their complements. c. answer the original question: given that soil type xt2 was found, what would your new assessment of the chance that oil is present be?
