Reference no: EM133318791

Question: The company Glassigt AB is developing a new recipe for ice cream with secret experimental ingredients. The secret ingredients contain substances not normally used in food, and Glassigt AB must therefore apply for permission from the Swedish Food Agency to be allowed to sell the ice cream. The company's expected return in the coming year is affected by the outcome of the work with the new recipe because it will affect the year's ice cream sales. You imagine a total of 3 different scenarios. If the ice cream is not approved, the company will not be able to sell the ice cream and therefore not make any money from the product. If the ice cream is approved and is as divinely good as you hope, it will be a success and you will be able to sell large quantities at a high price. If the ice cream is approved but is not better than any other ice cream, the company will indeed be able to sell the ice cream but will have to sell it at a significantly lower price. The company has calculated the risk of not getting the prescription approved at 0.22. Furthermore, the probability that the ice cream will be approved but that it will not taste better than any other ice cream is calculated as 0.62. What is the probability that the company will succeed in getting the ice cream approved while at the same time it will be divinely good? Enter your answer as a probability and round to 2 decimal places