Question 76. How would you go about this question? TION 3.1 BASIC CONCEPTS OF PR

Question

Question 76. How would you go about this question?

TION 3.1 BASIC CONCEPTS OF PROBABILITY AND cOUNTING 145 16. Individual Stock Price An individual stock is selected at random from the portfolio represented by the box-and-whisker plot shown. Find the probability that the stock price is (a) less than $21, (b) between $21 and $50 and (c) $30 or more. 12 21 30 50 94 10 20 30 40 50 60 70 80 90 100 Stock price (in dollars) Writing In Exercises 77 and 78, write a statement that represents the complemen

Explanation / Answer

a) here as 21 is at 1st quartile which denotes the point from which 25 % values are lower

therefore P(less than 21) =0.25

b)as 50 is at 3rd quartile for whcih 75% values are less than 50.

P(between 21 and 50) =0.75

c)P(30 or more) =0.5 (as 30 is at median which lies at 50 th percentile)

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