Solution Found!
A recent survey reported in BusinessWeek dealt with the
Chapter 5, Problem 60E(choose chapter or problem)
Problem 60E
A recent survey reported in BusinessWeek dealt with the salaries of CEOs at large corporations and whether company shareholders made money or lost money.
|
CEO Paid More |
CEO Paid Less |
|
|
Than $1 Million |
Than $1 Million |
Total |
Shareholders made money |
2 |
11 |
13 |
Shareholders lost money |
4 |
3 |
7 |
Total |
6 |
14 |
20 |
If a company is randomly selected from the list of 20 studied, what is the probability:
a. the CEO made more than $1 million?
b. the CEO made more than $1 million or the shareholders lost money?
c. the CEO made more than $1 million given the shareholders lost money?
d. of selecting 2 CEOs and finding they both made more than $1 million?
Questions & Answers
QUESTION:
Problem 60E
A recent survey reported in BusinessWeek dealt with the salaries of CEOs at large corporations and whether company shareholders made money or lost money.
|
CEO Paid More |
CEO Paid Less |
|
|
Than $1 Million |
Than $1 Million |
Total |
Shareholders made money |
2 |
11 |
13 |
Shareholders lost money |
4 |
3 |
7 |
Total |
6 |
14 |
20 |
If a company is randomly selected from the list of 20 studied, what is the probability:
a. the CEO made more than $1 million?
b. the CEO made more than $1 million or the shareholders lost money?
c. the CEO made more than $1 million given the shareholders lost money?
d. of selecting 2 CEOs and finding they both made more than $1 million?
ANSWER:
Solution:
Step 1 of 4:
The data about the salaries of CEOs at large corporations and whether company shareholders made money or lost money.
CEO paid More Than $1 Million |
CEO Paid Less Than $1 Million |
Total |
|
Shareholders made money |
2 |
11 |
13 |
Shareholders lost money |
4 |
3 |
7 |
Total |
6 |
14 |
20 |
A company is randomly selected from the list of 20 studied.
We have to find the following probabilities.
- The CEO made more than $1 million.
- The CEO made more than $1 million or shareholders lost money.
- The CEO made more than $1 million given the shareholders lost money.
- Of selecting 2 CEOs and finding they both made more than $1 million.