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    Joint and Marginal Probability

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    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?

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    Solution Summary

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