The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories. Mortgage Status Past Due In Foreclosure Number 156,330 55,310 8,350 Current 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. HINT [See Example 1.] (Round your answer to two decimal places.) (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.)
The following chart shows the (approximate) total number of subprime home mortgages in a state in November 2008, broken down into four categories. Mortgage Status Past Due In Foreclosure Number 156,330 55,310 8,350 Current 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. HINT [See Example 1.] (Round your answer to two decimal places.) (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.)
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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Finite Math - Probability & Probability Models
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![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
8,350
Mortgage
Status
Number
Past
Due
156,330 55,310
Current
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 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. HINT [See Example 1.] (Round your answer to two decimal places.)
(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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5735502c-a97c-4ec6-81f9-e20b4a210756%2F050bae40-cd01-4eed-bb2c-1a479d9454f4%2Fyl7omd_processed.png&w=3840&q=75)
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
8,350
Mortgage
Status
Number
Past
Due
156,330 55,310
Current
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 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. HINT [See Example 1.] (Round your answer to two decimal places.)
(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.)
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