The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditors will select accounts at random from the following 1000 accounts (num- bers in the table are the number of accounts in each category):
The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditors will select accounts at random from the following 1000 accounts (num- bers in the table are the number of accounts in each category):
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
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Chapter1: Combinatorial Analysis
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Answer question c and d
![The checking accounts of Sun Bank are categorized by the age of account and the account
balance. Auditors will select accounts at random from the following 1000 accounts (num-
bers in the table are the number of accounts in each category):
Account Balance
Age of the Account
0–$499
$500–$999
$1000 or More
240
Less than 2 years
2 years or more
120
75
90
200
275
a. What is the probability that an account is less than 2 years old?
b. What is the probability that an account has a balance of $1000 or more?
c. What is the probability that two accounts will both have a balance of $1000 or more?
d. What is the probability that an account has a balance of $500–$999 given that its age
is 2 years or more?
What is the probability that an account is less than 2 years old and has a balance of
$1000 or more?
e.
f. What is the probability that an account is at least 2 years old given that the balance is
$500–$999?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe653ab87-c95a-46a3-92c4-aa9ab58a4d19%2F497168b8-5e1c-4922-8ade-bcf11523ed17%2F6tm28v6_processed.png&w=3840&q=75)
Transcribed Image Text:The checking accounts of Sun Bank are categorized by the age of account and the account
balance. Auditors will select accounts at random from the following 1000 accounts (num-
bers in the table are the number of accounts in each category):
Account Balance
Age of the Account
0–$499
$500–$999
$1000 or More
240
Less than 2 years
2 years or more
120
75
90
200
275
a. What is the probability that an account is less than 2 years old?
b. What is the probability that an account has a balance of $1000 or more?
c. What is the probability that two accounts will both have a balance of $1000 or more?
d. What is the probability that an account has a balance of $500–$999 given that its age
is 2 years or more?
What is the probability that an account is less than 2 years old and has a balance of
$1000 or more?
e.
f. What is the probability that an account is at least 2 years old given that the balance is
$500–$999?
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