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    Probability: Level of Income & Geographical Region

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    The following table gives the median incomes of families by level of income and geographical region.

    East South Midwest West Totals

    < $80,000/year 102 98 39 62 301

    $80,000 to less
    than $250,000/year 263 514 120 351 1248

    Or more 100 226 65 99 490

    Totals 465 838 224 512 2039

    (A) Referring to the above table, if a family is chosen at random, what is the probability that it is either from the South or from the West?

    (B) Referring to the above table, given that the family is from the Midwest, what is the probability that it has an annual income of at least $250,000?

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    Solution Summary

    The solution provides step by step method for the calculation of probabilities. Formula for the calculation and Interpretations of the results are also included.