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Probability

A study of 200 grocery chains revealed these incomes after taxes.

incomes after taxes num of firms
under $1million 102
$1 million to 20 million 61
$20 million or more 37

a. What is the probability a particular chain has under $1 million in income after taxes?

b. What is the probability a grocery chain selected at random has either an income between $1 million and $20 million, or an income of $20 million or more? what rule of probability was applied?

Solution Preview

A study of 200 grocery chains revealed these incomes after taxes:

Income after Taxes Number of Firms
Under $1 million 102
$1 million to $20 million 61
$20 million or more 37
Total 200

a. What is the probability a particular chain has under $1 million in income ...

Solution Summary

Probability calculations have been performed.

$2.19