According to a study conducted in 2003 concerning the partic

According to a study conducted in 2003 concerning the participation, by age, of 401(k) investors, the following data were obtained:

(a) What is the probability that a 401(k) investor selected at random was in his or her 20s or 60s?


(b) What is the probability that a 401(k) investor selected at random was under the age of 50?

Solution

Part a)
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P(20s) = 10% or 0.1
P(60s) = 7%   or 0.07
Desired Probability = 0.10+0.07= 0.17 Answer
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Part b)
1 - P(50s) - P(60s)
=1-0.2 - 0.07
= 0.73 Answer