A study of 203 advertising firms revealed their income after taxes: a. What is t

Question

A study of 203 advertising firms revealed their income after taxes: a. What is the probability an advertising firm selected at random has under $1 million in income after taxes? (Round your answer to 2 decimal places.) Probability b-1. What is the probability an advertising firm selected at random has either an income between $1 million and $20 million, or an income of $20 million or more? (Round your answer to 2 decimal places.) Probability b-2. What rule of probability was applied? Rule of probability (Click to select)

Explanation / Answer

Answers to the question:

a.

P(X<1million) = 104/(104+53+46)= .5123

b-1.

P( 1to20 million or morethan20million) = 53+46/104+53+46 = .4877

Alternatively we could have answered as: P( 1to20 million or morethan20million)
= 1-P(X<1million)
=1-.5123
=.4877

b-2.

The answer will depend on what are the options.
The b-1 option has used Rule of Addition( alternate method)
The b-1 option has used Rule of Subtraction.( alternate method)

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