Purchase Solution

Probabilities and Demographic Information

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Suppose that a sample of 150 new home owners indicated the following information as to whether they possessed a Visa Card or an American Express Card.

American Express Card
YES NO TOTAL
60 40 100

Visa Card
20 30 50
TOTAL 80 70 150

Questions to answer: 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 home owner has neither a Visa credit card nor an American Express Card?
e. The new home owner has a Visa Credit card or an American Express Card?

Solution Summary

This solution involves determining probabilities based on demographic information.

Solution Preview

a. The new homeowner has a Visa credit card?
=20/150=0.1333

b. The new homeowner has an American Express Card?
=60/150=0.40
c. The new ...

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