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?
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Solution Summary
This solution involves determining probabilities based on demographic information.
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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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