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 Current Past Due In Foreclosure Repossessed Total Number 156,330 58,310 8,550 5,590 228,780 (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 Current Past Due In Foreclosure Repossessed Total Number 156,330 58,310 8,550 5,590 228,780 (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.)

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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Question

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	Current	Past Due	In Foreclosure	Repossessed	Total
Number	156,330	58,310	8,550	5,590	228,780

(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.)

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