In a sample of 500 families, 70 have a yearly income of less than $40,000, 220 have

Question:

In a sample of 500 families, 70 have a yearly income of less than $40,000, 220 have a yearly income of $40,000 to $80,000, and the remaining families have a yearly income of more than $80,000. Write the frequency table for this problem. Calculate the relative frequencies for all classes. Suppose one family is randomly selected from these 500 families. Find the probability that this family has a yearly income of
a. Less than $40,000
b. More than $80,000 Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...