Payment methods. Rapid technological developments in recent years have caused a decline in cash and cheque payments.

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Payment methods. Rapid technological developments in recent years have caused a decline in cash and cheque payments. Instead, we are in a new era dominated by ewallets, cryptocurrencies, and one-click online payments. The WorldPay estimates that in 2022, U.S. consumers will pay for goods by using a mixture of the payment methods listed in the following table: Payment Method Probability Debit card 0.30 E-wallet 0.28 Charge card 0.02 Cash 0.17 Credit card 0.22 Other immediate transfer cash methods 0.01 Source: https://financesonline.com/online-payments-statistics/ Consider the following two events: A = 5payment method involves immediate transfer cash6 B = 5payment method does not involve immediate transfer of cash6

a. Find P1A2.

b. Find P1B2.

c. Find P1A ¨ B2.

d. Use the additive law of probability to find P1A ∪ B2.

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Statistics For Business And Economics

ISBN: 9781292413396

14th Global Edition

Authors: James McClave, P. Benson, Terry Sincich

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