Step 1: Understanding the Concept:
We need to find the probability that neither event A nor event B occurs. This is solved using De Morgan's Law $P(A' \cap B') = 1 - P(A \cup B)$. We first use the conditional probability formula to find the intersection, then the addition rule for the union. Step 2: Key Formula or Approach:
1. $P(A \cap B) = P(A \mid B) \times P(B)$
2. $P(A \cup B) = P(A) + P(B) - P(A \cap B)$
3. $P(A' \cap B') = 1 - P(A \cup B)$ Step 3: Detailed Explanation:
1. Find $P(A \cap B)$:
\[ P(A \cap B) = \frac{1}{4} \times \frac{1}{3} = \frac{1}{12} \]
2. Find $P(A \cup B)$:
\[ P(A \cup B) = \frac{1}{2} + \frac{1}{3} - \frac{1}{12} \]
Find a common denominator (12):
\[ P(A \cup B) = \frac{6}{12} + \frac{4}{12} - \frac{1}{12} = \frac{9}{12} = \frac{3}{4} \]
3. Find $P(A' \cap B')$:
\[ P(A' \cap B') = 1 - \frac{3}{4} = \frac{1}{4} \] Step 4: Final Answer
The value of $P(A' \cap B')$ is $\frac{1}{4}$.