A recent survey reported in BusinessWeek dealt with the

Chapter 5, Problem 60E

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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?

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.

  1. The CEO made more than $1 million.
  2. The CEO made more than $1 million or shareholders lost money.
  3. The CEO made more than $1 million given the shareholders lost money.
  4. Of selecting 2 CEOs and finding they both made more than $1 million.

 

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