Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In 34 of the 50 years from 1955 through 2004 a certain stock market finished higher after the first week of trading. In 30 of
In 34 of the 50 years from 1955 through 2004 a certain stock market finished higher after the first week of trading. In 30 of those 34 years, this market finished higher for the year. The following table gives the first week and annual performance of the market over this 50-year period. Use the table to answer (a) through (c) below. ANNUAL PERFORMANCE FIRST WEEK Higher Lower Higher 30 Lower a. If a year is selected at random, what is the probability that the market finished higher for the year? (Round to four decimal places as needed.) b. Given that the market finished higher after the first week of trading, what is the probability that it finished higher for the year? c. Are the two events "first-week performance" and "annual performance" independent? Explain. In 34 of the 50 years from 1955 through 2004 a certain stock market finished higher after the first week of trading. In 30 of those 34 years, this market finished higher for the year. The following table gives the first week and annual performance of the market over this 50-year period. Use the table to answer (a) through (c) below. ANNUAL PERFORMANCE FIRST WEEK Higher Lower Higher 30 Lower a. If a year is selected at random, what is the probability that the market finished higher for the year? (Round to four decimal places as needed.) b. Given that the market finished higher after the first week of trading, what is the probability that it finished higher for the year? c. Are the two events "first-week performance" and "annual performance" independent? Explain
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started