#3. (Pg 149) The publisher of a popular financial periodical has decided to unde

Question

#3. (Pg 149) The publisher of a popular financial periodical has decided to undertake a campaign in an effort to attract new subscribers. Market research analysts in this company believe that there is a 1 in 4 chance that the increase in the number of new subscriptions resulting from this campaign will be less than 3000, and there is a 1 in 3 chance that the increase in the number of new subscriptions resulting from this campaign will be between 3000 and 5000. What is the probability that the increase in the number of new subscriptions resulting from this campaign will be less than 3000 or more than 5000?

Explanation / Answer

P(A): Probability of subscription less than 3000= 1/4

P(B): Probability of subscription between 3000 and 5000= 1/3

P(C): Probability of subscription more than 5000= x

Total probability will be 1.

P(A) + P(B) + x= 1

x= 5/12

Total probability to be less than 3000 or more than 5000= P(A) + P(C)= 1/4 + 5/12= 2/3

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