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Degrees of best-paid CEOs. Refer to the results of the
Chapter 3, Problem 66E(choose chapter or problem)
Problem 66E
Degrees of best-paid CEOs. Refer to the results of the Forbes (April 13, 2011) survey of the top 40 best-paid CEOs shown in Table 2.1 (p. 39). The data on highest degree obtained are summarized in the SPSS printout below.
a. What is the probability that the highest degree obtained by the first CEO you select is a bachelor’s degree?
b. Suppose the highest degree obtained by each of the first four CEOs you select is a bachelor’s degree. What is the probability that the highest degree obtained by the fifth CEO you select is a bachelor’s degree?
Questions & Answers
QUESTION:
Problem 66E
Degrees of best-paid CEOs. Refer to the results of the Forbes (April 13, 2011) survey of the top 40 best-paid CEOs shown in Table 2.1 (p. 39). The data on highest degree obtained are summarized in the SPSS printout below.
a. What is the probability that the highest degree obtained by the first CEO you select is a bachelor’s degree?
b. Suppose the highest degree obtained by each of the first four CEOs you select is a bachelor’s degree. What is the probability that the highest degree obtained by the fifth CEO you select is a bachelor’s degree?
ANSWER:
Solution 66E
Step 1 of 3:
Let us consider a table:
Frequency |
Percent |
Valid Percent |
Cumulative Percent |
||
Valid |
Bachelors |
13 |
32.5 |
32.5 |
32.5 |
Law |
1 |
2.5 |
2.5 |
35 |
|
Masters |
5 |
12.5 |
12.5 |
47.5 |
|
MBA |
15 |
37.5 |
37.5 |
85 |
|
None |
4 |
10 |
10 |
95 |
|
Phd |
2 |
5 |
5 |
100 |
|
Total |
40 |
100 |