Assignment:
In early 2010, leading U.S. stock markets tumbled more than 2.5% as U.S. consumer confidence fell to its lowest level since August 2009 (BBC News, July 16, 2010). Given fresh economic data, an economist believes there is a 35% chance that consumer confidence will fall below 62 and only a 25% chance that it will rise above 65.
a. According to the economist, what is the probability that consumer confidence will be between 62 and 65?
b. According to the economist, what is the probability that consumer confidence will not fall below 62?
Provide complete and step by step solution for the question and show calculations and use formulas.