Through a telephone survey, a low-interest bank credit card is offered to 400 households. The responses are as tabled.
Income = $40,000 Income > $40,000
Accept offer 40 30
Reject offer 210 120
a. Develop a joint probability table and show the marginal probabilities.
b. What is the probability of a household whose income exceeds $40,000 and who rejects the offer?
c. If income is < $40,000, what is the probability the offer will be accepted?
d. If the offer is accepted, what is the probability that income exceeds $40,000?
Joint and Marginal Probability are investigated. The solution is detailed and well presented. The response received a rating of "5/5" from the student who originally posted the question.