**Survey on Recovery of Personal Net Worth Post "Great Recession"**In a survey conducted by a business-advisory firm of 4980 adults aged 18 years 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 are shown below. (All answers are rounded to three decimal places.)**Survey Results:**- **Answer (years):** 1–2 | 3–4 | 5–10 | ≥ 10- **Respondents:** 1006 | 1306 | 2119 | 549**(a) Determine the empirical probability distribution associated with these data.**To find the empirical probability, we need to calculate the probability for each group by dividing the number of respondents in each time range by the total number of respondents.**Answer (years):** 1–2 | 3–4 | 5–10 | ≥ 10- Probability: ______ | ______ | ______ | ______**(b) Probability Calculation:**- What is the probability that it will take 5 or more years to recover personal net worth if a person who participated in the survey is selected at random?To answer part (b), we need to sum the probabilities of the categories "5–10" and "≥ 10."**Explanation of Steps to Calculate Probabilities:**1. **Calculate the total number of respondents:** \[ 1006 + 1306 + 2119 + 549 = 4980 \]2. **Calculate individual probabilities:** - Probability for 1–2 years: \[ \frac{1006}{4980} \approx 0.202 \] - Probability for 3–4 years: \[ \frac{1306}{4980} \approx 0.262 \] - Probability for 5–10 years: \[ \frac{2119}{4980} \approx 0.425 \] - Probability for ≥ 10 years: \[ \frac{549}{4980} \approx 0.110 \]3. **Sum the probabilities for 5–10 years and ≥ 10 years:** \[

Answer:- Given, Number of respondents (Sample size), n = 4980 Data table is, Answer…

Answered: In a survey conducted by a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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