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Statistical Probability Calculations..

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Credit card companies have aggressively solicited new accounts from students who are new homeowners. Suppose that a sample of 150 new homeowners indicated the following information as to whether they possessed a Visa Card or an American Express Card.

(see chart in attached file)

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 homeowner has neither a Visa credit card nor an American Express Card?
e. The new homeowner has a Visa credit card or an American Express Card.

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Please contribute your analysis and comment.

Credit card companies have aggressively solicited new accounts from students who are new homeowners. Suppose that a sample of 150 new homeowners indicated the following information as to whether they possessed a Visa Card or an American Express Card.

American Express Card

Yes No Total
Yes 60 40 100

Visa ...

Solution Summary

This solution describes how to determine probability with calculations, answers and explanation in an attached Word document.

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