26. Data on the 30 largest stock and balanced funds provided one-year and five-year percentage returns for the period ending March 31, 2000 (The Wall Street Journal,April 10, 2000).

Suppose we consider a one-year return in excess of 50% to be high and a five-year return in excess of 300% to be high. Nine of the funds had one-year returns in excess of 50%, seven of the funds had five-year returns in excess of 300%, and five of the funds had both one-year returns in excess of 50% and five-year returns in excess of 300%.

a. What is the probability of a high one-year return, and what is the probability of a high five-year return?

b. What is the probability of both a high one-year return and a high five-year return?

c. What is the probability of neither a high one-year return nor a high five-year return?