Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

[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

blur-text-image

Get Instant Access with AI-Powered 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

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Mathematics questions