Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Excluding job benefit coverage, approximately 48% of adults have purchased life insurance. The likelihood that those aged 18 to 24 without life insurance will purchase

Excluding job benefit coverage, approximately 48% of adults have purchased life insurance. The likelihood that those aged 18 to 24 without life insurance will purchase life insurance in the next year is 14%, and for those aged 25 to 34, it is 26%.

(a) Find the probability that a randomly selected adult has not purchased life insurance. (Give your answer correct to two decimal places.) (b) What is the probability that an adult aged 18 to 24 will purchase life insurance within the next year? (Give your answer correct to two decimal places.) (c) Find the probability that a randomly selected adult will be 25 to 34 years old, does not currently have life insurance, and will purchase it within the next year. (Give your answer correct to two decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Wileyplus Blackboard Student Package

Authors: Charles E. Davis, Elizabeth Davis

3rd Edition

1119342511, 978-1119342519

More Books

Students also viewed these Accounting questions

Question

What are the role of supervisors ?

Answered: 1 week ago