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
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Answer question c and d

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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