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Math Help - Probabilities

  1. #1
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    Probabilities

    A survey revealed that 21.5% of the households had no checking account, 66.9% had regular checking accounts, and 11.6% had NOW accounts. Of those households with no checking account 40% had savings accounts. Of the households with regular checking accounts 71.6% had a savings account. Of the households with NOW accounts 79.3% had savings accounts.
    The probability that a randomly selected household with a savings account has no checking account is:
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  2. #2
    Yan
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    Quote Originally Posted by jax760 View Post
    a survey revealed that 21.5% of the households had no checking account, 66.9% had regular checking accounts, and 11.6% had now accounts. Of those households with no checking account 40% had savings accounts. Of the households with regular checking accounts 71.6% had a savings account. Of the households with now accounts 79.3% had savings accounts.
    The probability that a randomly selected household with a savings account has no checking account is:

    21.5%*40%
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  3. #3
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    thats not the right answer.
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  4. #4
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    Quote Originally Posted by jax760 View Post
    A survey revealed that 21.5% of the households had no checking account, 66.9% had regular checking accounts, and 11.6% had NOW accounts. Of those households with no checking account 40% had savings accounts. Of the households with regular checking accounts 71.6% had a savings account. Of the households with NOW accounts 79.3% had savings accounts.
    The probability that a randomly selected household with a savings account has no checking account is:
    You need the concept of conditional probability:

    Pr(no checking account | savings account) = Pr(no checking account and savings account)/Pr(Savings account) = [(0.4)(0.215)]/(answer to the question asked in http://www.mathhelpforum.com/math-he...abilities.html) = ....
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