Degrees of best-paid CEOs. Refer to the results of the Glassdoor Economic Research (August 25, 2015) survey of the top 40 best-paid CEOs shown in Table 2.1. The data on highest degree obtained are summarized in the SPSS printout below. Suppose you randomly select five of the CEOs (without replacement) and record the highest degree obtained by each.

a. What is the probability that the highest degree obtained by the first CEO you select is a bachelor's degree?
b. Suppose the highest degree obtained by each of the first four CEOs you select is a bachelor's degree. What is the probability that the highest degree obtained by the fifth CEO you select is a bachelor's degree?

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Degree Cumulative Percent Frequency Percent Valid Percent 17 Valid Bachelor 42.5 42.5 42.5 Law 12.5 12.5 55.0 Masters 3 7.5 7.5 62.5 MBA 22.5 22.5 85.0 None 10.0 10.0 95.0 PhD 5.0 5.0 100.0 Total 40 100.0 100.0