Assume that, in a given market, 75% of new products fail and are removed from production within 2 years. Your firm is bringing a new product, Sport-String Extreme (TM), to market. If 30% of products which fail within 2 years and 80% of products which do not fail within 2 years have an initial sales volume similar to that of Sport-String Extreme (TM), what is the probability that your product will fail within 2 years (to the nearest percent)?
a) 23%
b) 20%
c) 75%
d) 60%
e) 53%