I am using EXCEL , best answer goes to the one who can provide the excel functio
ID: 3226472 • Letter: I
Question
I am using EXCEL, best answer goes to the one who can provide the excel function!!!!
According to the Ameriprise Financial Money Across Generations study, 9 out of 10 parents with adult children ages 20 to 35 have helped their adult children with some type of financial assistance ranging from college, a car, rent, utilities, credit-card debt, and/or down payments for houses (Money, January 2009). The table above with sample data consistent with the study shows the number of times parents have given their adult children financial assistance to buy a car and to pay rent.
a. Develop a joint probability table and use it to answer the remaining questions.
b. Using the marginal probabilities for buy a car and pay rent, are parents more likely to assist their adult children with buying a car or paying rent?
c. What is your interpretation of all of the marginal probabilities?
d. If parents provided financial assistance to buy a car, what it the probability that the parents assisted with paying rent?
e. If parents did not provide financial assistance to buy a car, what is the probability the parents assisted with paying rent?
Use standard mathematical notation for the answers.
Buy Car Yes No Pay Rent Yes No 52 56 14 78Explanation / Answer
Given table :
pay rent
buya car
yes
no
total
yes
56
52
108
no
14
78
92
total
70
130
200
a)Joint probability table :
pay rent
buya car
yes
no
total
yes
0.28
0.26
0.54
no
0.07
0.39
0.46
total
0.35
0.65
1.00
b) probability of parent assist to buy a car P(buy car) =56+52 /200 =0.54
probability of parent assist to pay rent P(pay rent ) =56+14 / 200 =0.35
c) For this result we can say more parents are interested to assist to bay a car better than pay a rent
d)
P(Pay rent | Buy car) = P(Buy car + Pay rent)/ P(Buy car) =
= (56/200)/(108/200)
=56/108
= 0.5185
e) P(Pay rent | Buy car) = P(Buy car + Pay rent)/ P(Buy car) =
= (14/200)/(92/200)
= 14/92
= 0.1522
pay rent
buya car
yes
no
total
yes
56
52
108
no
14
78
92
total
70
130
200
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