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Interpretation of the marginal probabilities

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Reference no: EM133091829

Question 1 - Basic Probability

The following table shows the number of times a sample of 500 parents have given their adult children financial assistance to buy a car and to pay the rent.

 

 

Pay the rent 

 

 

 

Yes

No

Buy A car

Yes 

110

220

 

No

80

90

a. Develop a joint probability table.

b. Using the marginal probabilities for 'buy a car' and 'pay the rent', are parents more likely to assist their adult children with buying a car or paying the rent? What is your interpretation of the marginal probabilities?

c. If parents provided financial assistance to buy a car, what is the probability that the parents assisted with paying rent.

d. If parents did not provide financial assistance to buy a car, what is the probability that the parents assisted with paying rent.

e. What is the probability that parents provided financial assistance for their adult children by either helping to buy a car or pay rent?

Reference no: EM133091829

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