Question: HOUSING APPRECIATION In a survey conducted in the fall 2006, 800 homeowners were asked about their expectations regarding the value of their home in the next few years; the results of the survey are summarized below:
If a homeowner in the survey is chosen at random, what is the probability that he or she expected his or her home to
a. Stay the same or decrease in value in the next few years?
b. Increase 5% or more in value in the next few years?