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A real estate company recently became interested in determining the likelihood of one of their listings being sold within a certain number of days.
A real estate company recently became interested in determining the likelihood of one of their listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data. Days Listed Until Sold Initial Asking Price Under $150,000 $150,000-$199,999 $200,000-$250,000 Over $250,000 Total Under 30 31-90 Over 90 (c) What is the probability of An B? 50 80 100 10 10 240 150 280 30 40 470 20 20 10 Total 90 800 (a) If A is defined as the event that a home is listed for more than 90 days before being sold, estimate the probability of A. 100 250 400 50 (b) If 8 is defined as the event that the initial asking price is under $150,000, estimate the probability of B. (d) Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000, what is the probability that the home will take the company more than 90 days to sell?
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