3) Suppose that in the packaged-cereals industry, 29% of all vice presidents hol

Question

3) Suppose that in the packaged-cereals industry, 29% of all vice presidents hold MBA degrees, 24% hold undergraduate business degrees, and 8% hold both. A vice president is to be selected at random. a. What is the probability that the vice president holds either an MBA b. What is the probability that the vice president holds neither c. What is the probability that the vice president holds an MBA or an undergraduate business degree (or both)? degree? degree but not an undergraduate business degree?

Explanation / Answer

Let MBA degree = M and Undergraduate Business degree = B

(a) P(M or B) = P(M) + P(B) - P(M and B) = 0.29 + 0.24 - 0.08 = 0.45

(b) P(Neither M nor B) = 1 - 0.45 = 0.55

(c) P(M but not B) = P(M) - P(M and B) = 0.29 - 0.08 = 0.21

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