A study of 208 advertising firms revealed their income after taxes: a. What is t

Question

A study of 208 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.)

b1. 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.)

b2. What rule of probability was applied?

Income after taxes: Number of firms: under 1 million 92 1 million to 20 million 53 20 million or more 63

Explanation / Answer

a) probability an advertising firm selected at random has under $1 million in income after taxes= 92/(92+53+63)

= 0.44

b) P(has either an income between $1 million and $20 million, or an income of $20 million or more) = (53+63)/(92+53+63)

= 0.56

c) Empirical rule of Probability

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