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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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Solution Summary

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

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

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