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b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? Note: Round your answer to 4 decimal places. Probability c. What is the probability at least one of the audited returns had a charitable contribution of more than $1,000? Note: Round your answer to 4 decimal places.

b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? Note: Round your answer to 4 decimal places. Probability c. What is the probability at least one of the audited returns had a charitable contribution of more than $1,000? Note: Round your answer to 4 decimal places.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The Internal Revenue Service is studying the category of charitable contributions. A sample of 28 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 28 returns, 5 had charitable contributions of more than $1,000. Suppose 4 of these returns are selected for a comprehensive audit. Required: a. Explain why the hypergeometric distribution is appropriate. Explain why the hypergeometric distribution is appropriate. b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? Note: Round your answer to 4 decimal places. Probability c. What is the probability at least one of the audited returns had a charitable contribution of more than $1,000? Note: Round your answer to 4 decimal places. Probability
Transcribed Image Text:The Internal Revenue Service is studying the category of charitable contributions. A sample of 28 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 28 returns, 5 had charitable contributions of more than $1,000. Suppose 4 of these returns are selected for a comprehensive audit. Required: a. Explain why the hypergeometric distribution is appropriate. Explain why the hypergeometric distribution is appropriate. b. What is the probability exactly one of the four audited had a charitable deduction of more than $1,000? Note: Round your answer to 4 decimal places. Probability c. What is the probability at least one of the audited returns had a charitable contribution of more than $1,000? Note: Round your answer to 4 decimal places. Probability
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