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CFA Level 1
Quantitative Methods

Probability of Selecting Trout or Non-Eligible Fish

Hard Probability Concepts Basic Probability Principles

In a small town, there are two types of fish available for sale: trout and catfish. According to surveys conducted by a local fisheries department, 60% of the available fish in the market are trout, while 40% are catfish. A customer visits the market and randomly selects one fish for purchase.

If the selected fish is classified as trout, the customer will receive a discount coupon for 20% off their next purchase. If the customer selects catfish, they will not receive any coupon. Given this information, what is the probability that a randomly selected fish will either be trout or not be eligible for a discount?

Hint

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