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    Probability, portfolio return, economy risk, mean life, simple price index

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    The following table contains information on the 2002 resident population of the U.S., by age.
    (Source: The New York Times Almanac 2004, page 277.)

    Age (years) < 18 18 - 24 25 - 44 45 - 64 â?¥ 65

    No. in 000s 1,107,108 452,196 1,270,41 1,068,243 588,542

    cumulative sum 1,107,108 1,559,304 2,829,723 3,897,966 4,486,508

    1. If a resident of the U.S. is chosen at random, find the probability that he or she is 25 to 44 years old.

    X

    2. If a resident is chosen at random, find the probability that he or she is older than 24 years old.

    X

    3. In what age category does the median age fall?

    X

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    https://brainmass.com/statistics/probability/probability-portfolio-return-economy-risk-mean-life-simple-315394

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    Answer
    Given the following frequency table:
    Age (years) No. in 000s Cumulative Sum
    < 18 1107108 1107108
    18 - ...

    Solution Summary

    The expert examines probability, portfolio returns, economy risk and mean life for a simple price index.

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