A survey by Accenture indicated that 64% of millennials as compared to 28% of baby boomers prefer “hybrid” investment advice—a combination of traditional advisory services and low-cost digital tools—over either a dedicated human advisor or conventional robo-advisory services (computer-generated advice and services without human advisors) alone.

Suppose that the survey was based on 500 respondents from each of the two generation groups.

a. Construct a contingency table.

b. Give an example of a simple event and a joint event.

c. What is the probability that a randomly selected respondent prefers hybrid investment advice?

d. What is the probability that a randomly selected respondent prefers hybrid investment advice and is a baby boomer?

e. Are the events “generation group” and “prefers hybrid investment advice” independent? Explain.