Number 156,330 55,310 8,350 5,390 225,380 (The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.) (a) Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed. (b) What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.) 0.31
Number 156,330 55,310 8,350 5,390 225,380 (The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.) (a) Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed. (b) What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.) 0.31
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
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Transcribed Image Text:The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories.
In
Foreclosure
Mortgage
Status
Past
Due
Number 156,330 55,310
Current
8,350
Repossessed
5,390
Total
225,380
(The four categories are mutually exclusive; for instance, "Past Due" refers to a mortgage whose payment status is past due but is not in foreclosure, and "In Foreclosure" refers to a mortgage that is in the process of being foreclosed but not yet repossessed.)
(a) Find the probability that a randomly selected subprime mortgage in the state during November 2008 was neither in foreclosure nor repossessed.
(b) What is the probability that a randomly selected subprime mortgage in the state during November 2008 was not current? (Round your answer to two decimal places.)
0.31
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