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Choose ALL of the following that are a correct interpretation of the given probability:

A researcher from Ohio State University estimates that entrepreneurs who open a restaurant business have a 60% chance of making a profit.

1) Entrepreneurs who open a restaurant business are guaranteed to make a profit.
2) There is a 60% chance that entrepreneurs who open a restaurant business will make a profit.
3) There is a 40% chance that entrepreneurs who open a restaurant business will not make a profit.
4) Entrepreneurs who open a restaurant business have a 40% chance of being profitable.

Answer :

Final answer:

The question refers to the probability of success in a restaurant business. The correct interpretations of the given 60% probability are 2) there's a 60% chance of making a profit, and 3) there's a 40% chance of not making a profit.

Explanation:

The correct interpretations of the given probability regarding entrepreneurs who open a restaurant business are: 2) There is a 60% chance that entrepreneurs who open a restaurant business will make a profit and 3) There is a 40% chance that entrepreneurs who open a restaurant business will not make a profit.

Probability is a mathematical measure of likelihood. In this case, a researcher has predicted that there's a 60% chance the entrepreneurs will make a profit. This doesn't guarantee success (interpretation 1), it simply states it's more likely they will profit than not. Simultaneously, if there's a 60% chance of making a profit, there's a 40% chance of not making a profit (interpretation 3), because the total probability of all outcomes must equal 100%.

Finally, interpretation 4) suggests the chance of making a profit is only 40%, which contradicts the provided probability of 60%.

Learn more about Probability here:

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