The chartered financial analyst (CFA) is a designation earned after a candidate has taken three… 1 answer below »

The chartered financial analyst (CFA) is a designation
earned after a candidate has taken three annual
exams (CFA I, II, and III). The exams are taken in
early June. Candidates who pass an exam are eligible
to take the exam for the next level in the following
year. The pass rates for levels I, II, and III are
.57, .73, and .85, respectively. Suppose that 3,000
candidates take the level I exam, 2,500 take the level
II exam, and 2,000 take the level III exam. Suppose
that one student is selected at random. What is the
probability that he or she has passed the exam?

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