3 The Wall Street JournalHarris Personal Finance poll asked

3.

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) The probability that a respondent to the poll owned a home=1249/2082=0.5999. That is around 60% of adult have home.

b) The probability that a respondent in the 18–34 age group owned a home=117/450=0.26, that is 26% of the person at the age group 18-34 have home.

c) The probability that a respondent to the poll did not own a home=(2082-1249)/2082=0.40. That is 40% of the adults did not have a home.

d) The probability that a respondent in the 18–34 age group did not own a home=(450-117)/450=0.74. That is 74% of the adult in the age group 18-34 did not a home.