Joint probability table to show the marginal probabilities

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Reference no: EM13104453

Through a telephone survey, a low-interest bank credit card is offered to 400 households. The responses are as tabled.

	Income ? $60,000	Income > $60,000
Accept offer	40	30
Reject offer	210	120

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.)

Reference no: EM13104453

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