How do I solve this? (a) - (c) Score: 0.67 of 2 pts 413 of 17 (13 complete) HW S

Question

How do I solve this? (a) - (c)

Score: 0.67 of 2 pts 413 of 17 (13 complete) HW Score: 62.67%, 15.67 of 25 p Gen Interest 7.5.79 Questian Help Suppose 14% of the populetion are 62 or aver, 26% cf those 62 or ower have loans, and 52% of those under 62 have loans. Find the probabines that a person fts into the folowing categaries (a] 62 or over and hB5 ? loen (b) Has loan le) Are the events that a person is 62 or over and thet the person has a loan indopandent? Explain. fa) The probabilty that a person is 62 or over and has a loan is Type an integer or decimal rounded to three decimal places as needed.

Explanation / Answer

SOLUTION:

Probability of people over 62 = 0.14
Probability of people under 62 = 1 - 0.14=0.86

26% of people over 62 have loans
52% of people under 62 have loans

a) Probability of a person having a loan and he is over 62 is  (0.14)*(0.52) minus (0.14)*(0.26) = 3.64% or 0.0364

b)  (0.14)*(0.26) = 3.64% or 0.0364   

c) No. of people above 62 and having loan depends on the total no of people above 62. Hence, L and R are not independent.

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