The personnel department of Franklin National Life Insurance compiled the accomp
ID: 3434513 • Letter: T
Question
The personnel department of Franklin National Life Insurance compiled the accompanying data regarding the income and education of its employees.
Let A be the event that a randomly chosen employee has a college degree, and let B be the event that the chosen employee's income is more than $60,000.
(a) Find each of the following probabilities. (Round your answers to four decimal places.)
$60,000 or Below Income
Above $60,000 Noncollege Graduate 2030 890 College Graduate 350 730
Explanation / Answer
The personnel department of Franklin National Life Insurance compiled the accompanying data regarding the income and education of its employees.
Income
Income
$60,000 or Below
Above $60,000
Total
Noncollege Graduate
2030
890
2920
College Graduate
350
730
1080
Total
2380
1620
4000
Let A be the event that a randomly chosen employee has a college degree, and let B be the event that the chosen employee's income is more than $60,000.
(a) Find each of the following probabilities. (Round your answers to four decimal places.)
P(A)
=1080/4000 = 0.2700
P(B)
=1620/4000 = 0.4050
P(A and B)
=730/4000 = 0.1825
P(B | A)
=730/1080 =0.6759
P(B | Ac)
=890/2920 =0.3048
Income
Income
$60,000 or Below
Above $60,000
Total
Noncollege Graduate
2030
890
2920
College Graduate
350
730
1080
Total
2380
1620
4000
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