Aconsulting firm submitted a bid for a large research project. the firm’s managementinitially felt they had a 50–50 chance of getting the project. however, the agency to whichthe bid was submitted subsequently requested additional information on the bid. pastexperience indicates that for 75% of the successful bids and 40% of the unsuccessful bidsthe agency requested additional information. a. what is the prior probability of the bid being successful (that is, prior to the requestfor additional information)? b. what is the conditional probability of a request for additional information given thatthe bid will ultimately be successful? c. compute the posterior probability that the bid will be successful given a request foradditional information.