The checking accounts of USF Credit Union are categorized by

The checking accounts of USF Credit Union are categorized by age of account and balance in account. We are going to select an account at random from this group of 2000 accounts

Then probability P(>=3 years ) =

Balance ti Age of Account I $O $0- $499 | >=$ 500 less than 3 years 3 years 700 200 I 500 600 >=3 years

Solution

Total accounts=2000

Accounts of age>=3 years=200+600=800

P(age of account>=3) = (No. of Accounts of age>=3 years)/(total accounts) = 800/2000 = 0.40

So the answer is 0.40