Ahh..I've been studying for GMAT way too long and bored of meaningless word problems, so came up with my own applicable one and actually feel a little better now (assuming I did the math correctly this time, oh god I hope I can do the math correctly!)
Michmax3 is applying to 5 top business schools with the following acceptance rates: Chicago (22%), Stanford (5%), Berkeley (12%), Kellogg (19%) and Duke (30%). What is the probability that she will be accepted to at least one of these schools?
P (getting in at least one school) = 1- P (getting rejected from all schools)
1-(.78 x .95 x .88 x .81 x .70) =
1-(.369) = .63
So...probability that I will get in to at least one school of my choice is about 63%
I can live with that! Happy studying everyone!
Disclaimer: Obviously not everyone has an equal probability of being accepted to begin with, so since this is based only on random selection, it will not be accurate. Maybe this question could be revised to include more details, like possibly I get +1% for being female, but maybe lose 5% for under 700 GMAT...well only until the retake hopefully!)
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