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    Calculate the Probabilities that a student owning a home has a specific credit card.

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    Credit card companies have aggressively solicited new accounts from students who are new homeowners. Suppose that a sample of 150 new homeowners indicated the following information as to whether they possessed a Visa Card or an American Express Card.

    American Express Card

    Yes No Total

    Yes 60 40 100

    Visa Card No 20 30 50

    Total 80 70 150

    If a student is selected at random, what is the probability that

    a. The new homeowner has a Visa credit card?

    b. The new homeowner has an American Express Card?

    c. The new homeowner has a Visa credit card and an American Express Card?

    d. The new homeowner has neither a Visa credit card nor an American Express Card?

    e. The new homeowner has a Visa credit card or an American Express Card.

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    Solution Summary

    In an Excel format, the solution shows the calculations to arrive at the answers.