38. A survey of banks revealed the following distribution for the interest rate

Question

38. A survey of banks revealed the following distribution for the interest rate being charged on a home loan.

Interest Rate

4.90% to 4.99%

5.00% to 5.09%

5.10% to 5.19%

5.20%        to 5.29%

5.30%

and above

Probability

0.12

0.23

0.24

0.35

0.06

If a bank is selected at random from this distribution, what is the chance that the interest rate charged on a home loan will exceed 5.19%?

Interest Rate

4.90% to 4.99%

5.00% to 5.09%

5.10% to 5.19%

5.20%        to 5.29%

5.30%

and above

Probability

0.12

0.23

0.24

0.35

0.06

Explanation / Answer

chance that the interest rate charged on a home loan will exceed 5.19% = P(5.20% to 5.29%)+P( 5.30% and above )

= 0.35+0.06 = 0.41

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