Question
[This Problem involves constructing a contingency table and subsequently allowing you to apply the concepts of probability namely the addition rule, the conditional probability formula,
[This Problem involves constructing a contingency table and subsequently allowing you to apply the concepts of probability namely the addition rule, the conditional probability formula, etc]
In a large accounting firm, the proportion of accountants with MBA degrees and at least 5 years of professional experience is 0.75 times the proportion of accountants with no MBA degree and less than 5 years of professional experience. Furthermore, 35% of the accountants in this firm have MBA degrees, and 45% have less than 5 years of professional experience.
(a) What is the probability of a randomly selected accountant to have at least 5 years of professional experience?
(b) What proportion of accountants with MBA degrees have at least 5 years of professional experience?
(c) What is the probability of a randomly selected accountant to have at least 5 years of professional experience and no MBA degree?
(d) If one of the firm's accountants is selected at random, what is the probability that this accountant has an MBA degree or at least 5 years of professional experience but not both?
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