The Wall Street JournalHarris Personal Finance poll asked 20

The Wall Street Journal/Harris Personal Finance poll asked 2082 adults if they owned a home (All Business website, January 23, 2008). A total of 1249 survey respondents answered Yes. Of the 450 respondents in the 18–34 age group, 117 responded Yes.

a. What is the probability that a respondent to the poll owned a home?

b. What is the probability that a respondent in the 18–34 age group owned a home?

c. What is the probability that a respondent to the poll did not own a home?

d. What is the probability that a respondent in the 18–34 age group did not own a home?

Solution

a)

P(home) = 1249/2082 = 0.599903939 [ANSWER]

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b)

P(home|18-34) = 117/450 = 0.26 [ANSWER]

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c)

P(no home) =1 - P(home) = 1 - 0.599903939 = 0.400096061 [ANSWER]

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d)

P(no home|18-34) = 1 - P(home|18-34) = 1 - 0.26 = 0.74 [ANSWER]