The checking accounts of Sun Bank are categorized by the age of account and the account balance. Auditors will select accounts at random from the following 1000 accounts (numbers in the table are the number of accounts in each category):Problems 55
Account Balance
Age of the Account 0 $499 $500 $999 $1000 or More
Less than 2 years 120 240 90
2 years or more 75 275 200
a. What is the probability that an account is less than 2 years old?
b. What is the probability that an account has a balance of $1000 or more?
c. What is the probability that two accounts will both have a balance of $1000 or more?
d. What is the probability that an account has a balance of $500 $999 given that its age is 2 years or more?
e. What is the probability that an account is less than 2 years old and has a balance of $1000 or more?
f. What is the probability that an account is at least 2 years old given that the balance is $500 $999?