Question: Cooper Realty is a small real estate company located in Albany, New York, specializing primarily in residential listings. It recently became interested in determining the likelihood of one of its listings being sold within a certain number of days. An analysis of company sales of 800 homes in previous years produced the following data.
a. If A is defined as the event that a home is listed for more than 90 days before being sold. estimate the probability of A.
b. If B is defined as the event that the initial asking price is under $150,000. estimate the probability of B.
c. What is the probability of A ∩ B?
d. Assuming that a contract was just signed to list a home with an initial asking price of less than $150,000. what is the probability that the home will take Cooper Realty more than 90 days to sell?
e. Are events A and B independent?