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Larger companiess often seek to track their retention rates from month to month to try and...

Larger companiess often seek to track their retention rates from month to month to try and determine trends in employee behavior in regards to working for the given company. Suppose that a company has determined that the probability that no employee quits in a given month is .62, and that the number of employees who quit from month to month are independent. What is the probability that the first employee quits the company during the 4th month of the year?

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Answer #1

Note that in the answer, we could go from step 2 to step 3 because of the fact that the number of employees who quit from month to month are independet. Hence we could write probability of a composite event as the product of the probabilities of the individual events.

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