An oil company purchased an option on land in alaska. preliminary geologic studies assigned the following prior probabilities. p(high-quality oil) = 0.50p(medium-quality oil) = 0.20p(no oil) = 0.30if required, round your answers to two decimal places.(a) what is the probability of finding oil? (b) after 200 feet of drilling on the first well, a soil test is taken. the probabilities of finding the particular type of soil identified by the test are as follows. p(soil | high-quality oil) = 0.20p(soil | medium-quality oil) = 0.80p(soil | no oil) = 0.20how should the firm interpret the soil test? what are the revised probabilities? events p(ai) p(s | ai) p(ai ∩ s) p(ai | s)high quality (a1) medium quality (a2) no oil (a3) p(s)= what is the new probability of finding oil?