Use the table to find the probabilities that a persons\' total charges during th

Question

Use the table to find the probabilities that a persons' total charges during the period are the following. This table shows the probabilities of a person accumulating specific amounts of credit card charges over a 12-month period.

1. What is the probability that a person's total charges are $3000 or more?

2. What is the probability that a person's total charges are less than $5000?

3. What is the probability that a person's total charges are $500-$9999?

Type an integer or decimal rounded to two decimal places as needed.

Charges

Charges

Probability Under $100 0.34 $100-$499 0.18 $500-$999 0.13 $1000-$1999 0.13 $2000-$2999 0.06 $3000-$4999 0.07 $5000-$9999 0.08 $10,000 or more 0.01

Explanation / Answer

1. What is the probability that a person's total charges are $3000 or more?

0.07+0.08+0.01=0.16

2. What is the probability that a person's total charges are less than $5000?

1-probability that a person's total charges are greater than and equal to $5000=1-0.08-0.01=0.91

3. What is the probability that a person's total charges are $500-$9999?

0.13+0.13+0.06+0.07+0.08=0.47

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.