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What are the odds that such a taxpayer will be audited

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Reference no: EM131992331

Suppose the probability of an IRS audit is 1.9 percent for U.S. taxpayers who file form 1040 and who earned $100,000 or more.

(a) What are the odds that such a taxpayer will be audited? (Round your answers to the nearest whole number.)

Odds that a taxpayer will be audited .....   to .....

(b) What are the odds against such a taxpayer being audited? (Round your answers to the nearest whole number.)

Odds against a taxpayer being audited  ..... to...

Here are the two probabilities this problem is asking you to solve for:

P(odds of being audited) = P(Audit) / 1-P(Audit)

And the second probability is:

P(odds against being audited) = P(not audited) / 1-P(not audited)

Also, we have P(not audited) = 1P(Audit)

Reference no: EM131992331

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