In a survey conducted by a business-advisory firm of 4980 adults 18 years old and older in June 2009, during the "Great Recession," the following question was asked: How long do you think it will take to recover your personal net worth? The results of the survey follow. (Round your answers to three decimal places.)Answer (years) 1−2 3−4 5−10 ≥10Respondents 1005 1302 2112 561(a) Determine the empirical probability distribution associated with these data.Answer (years) 1−2 3−4 5−10 ≥10Probability (b) If a person who participated in the survey is selected at random, what is the probability that he or she expects that it will take 5 or more years to recover his or her personal net worth?

(a) We know the formula for Probability = Number of favourable outcomessample space To find the…

Answered: In a survey conducted by a…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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In a survey conducted by a business-advisory firm of 4980 adults 18 years old and older in June 2009, during the "Great Recession," the following question was asked: How long do you think it will take to recover your personal net worth? The results of the survey follow. (Round your answers to three decimal places.)

Answer (years)		1−2		3−4		5−10		≥10
Respondents		1005		1302		2112		561

(a) Determine the empirical probability distribution associated with these data.

Answer (years)		1−2		3−4		5−10		≥10
Probability

(b) If a person who participated in the survey is selected at random, what is the probability that he or she expects that it will take 5 or more years to recover his or her personal net worth?

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