The results of a census of 2,500 employees of a midsized company with 401(k) retirement accounts are
Question:
The results of a census of 2,500 employees of a midsized company with 401(k) retirement accounts are as follows:
Account Balance (to nearest $) Male Female $25,000 635 495 $25,000$49,999 185 210 $50,000$99,999 515 260 $100,000 155 45 Suppose researchers are going to sample employees from the company for further study.
a. Based on the relative frequency assessment method, what is the probability that a randomly selected employee will be a female?
b. Based on the relative frequency assessment method, what is the probability that a randomly selected employee will have a 401(k) account balance of between $25,000 and $49,999?
c. Compute the probability that a randomly selected employee will be a female with an account balance between $50,000 and $99,999.
Step by Step Answer:
Business Statistics A Decision Making Approach
ISBN: 9780136121015
8th Edition
Authors: David F. Groebner, Patrick W. Shannon, Phillip C. Fry, Kent D. Smith