Question: A few years ago, a survey commissioned by The World Almanac and Maturity News Service reported that 51% of the respondents did not believe the

A few years ago, a survey commissioned by The World Almanac and Maturity News Service reported that 51% of the respondents did not believe the Social Security system will be secure in 20 years. Of the respondents who were age 45 or older, 70% believed the system will be secure in 20 years. Of the people surveyed, 57% were under age 45. One respondent is selected randomly.

a. What is the probability that the person is age 45 or older?

b. What is the probability that the person is younger than age 45 and believes that the Social Security system will be secure in 20 years?

c. If the person selected believes the Social Security system will be secure in 20 years, what is the probability that the person is 45 years old or older?

d. What is the probability that the person is younger than age 45 or believes the Social Security system will not be secure in 20 years?

Step by Step Solution

★★★★★

3.34 Rating (163 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Let S believe SS secure N dont believe SS will be secure 45 un... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

409-M-S-D-A (488).docx

120 KBs Word File

Students Have Also Explored These Related Statistics Questions!

A few years ago Amazon.com introduced free shipping for U.S. orders over $25. A consumer who bought a single book for less than $25 would pay about $4 in shipping, but if adding a second book to the...

A lawsuit a few years ago made headlines worldwide when a McDonalds drive-through customer spilled a cup of scalding hot coffee on herself. Claiming the coffee was too hot to be safely consumed in a...

1. Use the values in the cross-tabulation table to solve the equations given. Variable 1 D E A 10 20 Variable 2 B 15 5 C 30 15 a. P(E) b. P(B U D) c. P(A E) d. P(B|E) e. P(A U B) f. P(B C) g. P(D|C)...

3. Purchasing Survey asked purchasing professionals what sales traits impressed them most in a sales representative. Seventy-eight percent selected "thoroughness." Forty percent responded, "knowledge...

QUESTION ONE a.Express log2 ( x + 2) - log2 x as a single logarithm. Hence solve the equation log2 ( x + 2) - log2 x = 3 (3 marks) b.Solve the equation 22 x +1 +2 x +2 =12 -2 x (3 marks) QUESTION TWO...

A few years ago, a survey commissioned by The World Almanac and Maturity News Service reported that 51% of the respondents did not believe the Social Security system will be secure in 20 years. Of...

Not A \"Pioneer\" But Recognize New Market Requirements? January 2012 CMS recently named 32 Pioneer ACOs and has begun funding Innovation Grants to help prepare for new models of care delivery....

During 2015, Doug incurs the following deductible expenses: $2,300 in state income taxes, $3,000 in local property taxes, $800 in medical expenses, and $2,000 in charitable contributions. Doug is 33,...

Write in the Scheme programming language A binary search tree is a binary tree for which the value in each node is greater than or equal to all values in its left subtree, and less than all values...

The auditor will send a standard bank confirmation to which of the following? Financial institutions of customers using the lockbox. Financial institutions for which the client has a balance greater...

You have been named the project manager of a project to design, build and set up a customer call center. This call center has been deemed to be vital to driving the organizations strategy forward....

A random sample of 51 items is taken, with = 58.42 and s2 = 25.68. Use these data to test the following hypotheses, assuming you want to take only a 1% risk of committing a Type I error and that x...

The following data were gathered from a random sample of 11 items. Use these data and a 5% level of significance to test the following hypotheses, assuming that the data come from a normally...

The following data (in pounds), which were selected randomly from a normally distributed population of values, represent measurements of a machine part that is supposed to weigh, on average, 8.3...

1. What is the best description of federal funds? LA. A market that allows for depository institutions to lend and borrow money, short term, to/from other depository institutions at a rate controlled...

Wayco Industrial Supply has a pre-tax cost of debt of 7.6 percent, a cost of equity 14.3 percent, and a cost of preferred stock of 8.5 percent. The firm has 220,000 shares of common stock outstanding...

A project that provides annual cash flows of $15,700 for 9 years costs $86,932 today. If the required return is 15 percent, the NPV for the project is $ and you would reject the project. At a...