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Chapter 3: Q61E (page 194)

World’s largest public companies. Forbes (May 6, 2015) surveyed the 20 largest public companies in the world. Of these 20 companies, 4 were banking or investment companies based in the United States. A total of 9 U.S. companies were on the top 20 list. Suppose we select one of these 20 companies at random. Given that the company is based in the United States, what is the probability that it is a banking or investment company?

Short Answer

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4/9

Step by step solution

01

Step-by-Step SolutionStep 1: Investment

The devotion of an asset to achieve a gain in value through time is referred to as an investment. Investment necessitates the sacrifice of a current item, including such work, cash, as well as endeavor.

02

Finding the probability that 1 out of 20 companies is a banking or investment company

Given: Total Companies = 20

Total U.S. companies = 9

Banking or investment companies are U.S. = 4

We have to find the probability of picking 1 company that is banking or an investment company, given that it is from the U.S

Probabilty=BankingorinvestmentcompaniesisU.S.TotalU.S.companies=49=0.444

Therefore, the probability of picking U.S.-based banking or an investment company is 4/9.

= 0.444

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Most popular questions from this chapter

Cell phone handoff behaviour. A “handoff” is a term used in wireless communications to describe the process of a cell phone moving from the coverage area of one base station to that of another. Each base station has multiple channels (called color codes) that allow it to communicate with the cell phone. The Journal of Engineering, Computing and Architecture (Vol. 3., 2009) published a cell phone handoff behavior study. During a sample driving trip that involved crossing from one base station to another, the different color codes accessed by the cell phone were monitored and recorded. The table below shows the number of times each color code was accessed for two identical driving trips, each using a different cell phone model. (Note: The table is similar to the one published in the article.) Suppose you randomly select one point during the combined driving trips.

Color code

0

5

b

c

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Model 1

20

35

40

0

85

Model 2

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50

6

4

75

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35

85

46

4

160

a. What is the probability that the cell phone was using color code 5?

b. What is the probability that the cell phone was using color code 5 or color code 0?

c. What is the probability that the cell phone used was Model 2 and the color code was 0?

For two events, A and B, P(A)= .4, P(B)= .2 , and P(A∩B) = .1:

a. Find P (A/B).

b. Find P(B/A).

c. Are A and B independent events?

Are you really being served red snapper? Red snapper is arare and expensive reef fish served at upscale restaurants. Federal law prohibits restaurants from serving a cheaper, look-alike variety of fish (e.g., vermillion snapper or lane snapper) to customers who order red snapper. Researchers

at the University of North Carolina used DNA analysis to examine fish specimens labeled “red snapper” that were purchased from vendors across the country (Nature, July 15, 2004). The DNA tests revealed that 77% of the specimens were not red snapper but the cheaper, look-alike variety of fish.

a. Assuming the results of the DNA analysis are valid, what is the probability that you are actually served red snapper the next time you order it at a restaurant?

b. If there are five customers at a chain restaurant, all who have ordered red snapper, what is the probability that at least one customer is actually served red snapper?

Evaluating the performance of quality inspectors. The performance of quality inspectors affects both the quality of outgoing products and the cost of the products. A product that passes inspection is assumed to meet quality standards; a product that fails inspection may be reworked, scrapped, or reinspected. Quality engineers at an electric company evaluated performances of inspectors in judging the quality of solder joints by comparing each inspector’s classifications of a set of 153 joints with the consensus evaluation of a panel of experts. The results for a particular inspector are shown in the table. One of the 153 solder joints was selected at random.

Committee’s judgment joint

Joint Acceptable

joint Rejectable

Joint Acceptable

101

10

joint Rejectable

23

19

a. What is the probability that the inspector judged the joint to be acceptable? That the committee judged the joint to be acceptable?

b. What is the probability that both the inspector and the committee judged the joint to be acceptable? That neither judged the joint to be acceptable?

c. What is the probability that the inspector and the committee disagreed? Agreed?

The sample space for an experiment contains five sample points with probabilities as shown in the table. Find the probability of each of the following events:

a. Either 1,2 or 3 occurs

b. Either 1,3 or 5 occurs

c. 4 does not occur
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