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Answer:
The probability that a particular firm selected has $1 million or more in income after taxes is 49%.
Step-by-step explanation:
We are given a study of 200 computer service firms revealed these incomes after taxes below;
Income After Taxes Number of Firms
Under $1 million 102
$1 million up to $20 million 61
$20 million or more 37
Total 200
Now, the probability that a particular firm selected has $1 million or more in income after taxes is given by;
Total number of firms = 102 + 61 + 37 = 200
Number of firms having $1 million or more in income after taxes = 61 + 37 = 98 {here under $1 million data is not include}
So, the required probability = [tex]\frac{\text{Firms with \$1 million or more in income after taxes}}{\text{Total number of firms}}[/tex]
= [tex]\frac{98}{200}[/tex]
= 0.49 or 49%
The probability that a particular firm selected has $1 million or more in income after taxes is 0.49 or 49%.
What is probability?
Probability means possibility. It deals with the occurrence of a random event. The value of probability can only be from 0 to 1. Its basic meaning is something is likely to happen. It is the ratio of the favorable event to the total number of events.
A study of 200 computer service firms revealed these incomes after taxes:
Income After Taxes Number of Firms Under
$1 million 102
$1 million up to $20 million 61
$20 million or more 37.
Then the total event will be
Total event = 102 + 37 +61 = 200
The probability that a particular firm selected has $1 million or more in income after taxes will be
Favorable event = 37 + 61 = 98
Then the probability will be
[tex]\rm P = \dfrac{98}{200} \\\\P = 0.49 \ or \ 49 \%[/tex]
More about the probability link is given below.
https://brainly.com/question/795909
