Through a telephone survey, a low-interest bank credit card is offered to 400 households. The responses are as tabled.
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Income ? $60,000
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Income > $60,000
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Accept offer
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40
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30
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Reject offer
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210
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120
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1) Develop a joint probability table and show the marginal probabilities.
2) What is the probability of a household whose income exceeds $60,000 and who rejects the offer? (Show all calculations to earn credit.)
3) What is the probability of a household whose income is ? $60,000 or who accepts the offer? (Show all calculations to earn credit.)
4 )Income is ? $60,000, what is the probability the offer will be accepted? (Show all calculations to earn credit.)
5) If the offer is accepted, what is the probability that income exceeds $60,000? (Show all calculations to earn credit.)
6) What is the probability that two accounts will accept the offer? (Show all calculations to earn credit.)