Related questions
A title company wants more information about mortgages based on the type of home being bought. 1000 mortgages are randomly selected. The sample results in the table below shows the number of mortgages funded based on the type of home purchased. Answer the following questions. Include your answers in fraction and in decimal forms and round your decimal answers to 4 digits.
|
|
Single-Family |
Condo |
Multifamily |
Total |
|
Adjustable |
400 |
|
|
|
|
Fixed |
|
90 |
|
300 |
|
Total |
|
|
200 |
1000 |
Fill in the remaining cells in the above table with your own numbers ensuring rows sum to row totals and columns sum to column totals. In addition, the row and column totals will both sum to the grand total of 1000. Answers will and should vary. The following questions will use the numbers (already existing or added by you) in this table. Fill in the table cells very carefully and use this table to answer the following questions.
- What is the
probability that the mortgage is Adjustable AND for a Single Family?
________________ ________________
- What is the probability that the type of home purchased is a Condo?
________________ ________________
- What is the probability that the mortgage is Fixed OR a Single-Family home is purchased?
________________ ________________
- Given that a Condo is purchased, what is the probability the mortgage is Adjustable?
________________ ________________
- Given that the mortgage is Adjustable, what is the probability that a Condo is purchased?
________________ ________________
- Determine if type of mortgage and home purchased are independent. Justify your answer by showing your work here. (HINT: Use the Multiplication Rule or conditional probabilities from above)
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps
determine if type of mortgage and home purchased are independent. Justify your answer by showing your work here. (HINT: use the multiplication rule or conditional probabilities from above)
- Given that a Condo is purchased, what is the
probability the mortgage is Adjustable?
determine if type of mortgage and home purchased are independent. Justify your answer by showing your work here. (HINT: use the multiplication rule or conditional probabilities from above)
- Given that a Condo is purchased, what is the
probability the mortgage is Adjustable?
- Find a fraction equivalent to the recurring decimal 0.865 886 588 658 . . . .arrow_forwardJovan asked 2000 people if they are afraid of spiders. 274 people said yes. What percent of the people surveyed does this represent?arrow_forwardA survey samples 2000 people. What is the margin of error for the survey? Round to two places.arrow_forward
- Please help with question 1 in image. Thank you.arrow_forwardDr. A. Ventura is interested in determining what kinds and how many pets people own in Bakersfield. He stands outside Petco and asks people what kind of pet they own. This is the result of his survey: dog=1; cat=2; bird=3; reptile=4; fish=5; other=6 1,1,2,2,2,1,1,3,2,3,1,1,1,2,2,4,4,2,2,1,1,1,5,4,3,4,1,1,1,2,2,6,1,1,2,2,1,2,1,2,6,3,4,5arrow_forwardSuppose you are asked to toss a coin 16 times and calculate the proportion of the tosses that were heads?arrow_forward
- Suppose that 33% of McMaster undergraduate students are in their first year. President David Farrar likes to walk around and ask random students how they like the university. On average, how many students (could be a decimal number) will Dr. Farrar need to talk to before he finds a first year student? answer correct to 2 decimalsarrow_forwardIf a coin is flipped 225 times and the number of Hs is 75. Compute the proportion of Hs. Round to three places.arrow_forwardOrder these numbers from least to greatest. .6.552, , 6.7 13 , 6.71 13 6.552 6.71 2.arrow_forward
- In a class of 20 there are 4 who participate in band. What percent of the class participates in band? % of the class participates in band. (Type an integer or a decimal.)arrow_forwardPlace each of the following numbers in a column and then add. 26.762+17.8263+8.8495+3.32 26.762+17.8263+8.8495+3.32% 56.7578 Enter your answer in the answer box.arrow_forwardLast year's freshman class a big state university total of 5304 students. Of those 1257 receives a merit scholarship to help offset tuition cost their freshman year (although the amount vary per student). The amount a student received was N($3,443, $450). If the cost for tuition was $4050 last year what percentage of students who received a merit scholarship did not receive enough to cover for tuition? (Round your answer to the nearest whole percent).arrow_forward
- MATLAB: An Introduction with ApplicationsStatisticsISBN:9781119256830Author:Amos GilatPublisher:John Wiley & Sons Inc
Probability and Statistics for Engineering and th...StatisticsISBN:9781305251809Author:Jay L. DevorePublisher:Cengage Learning
Statistics for The Behavioral Sciences (MindTap C...StatisticsISBN:9781305504912Author:Frederick J Gravetter, Larry B. WallnauPublisher:Cengage Learning 
Elementary Statistics: Picturing the World (7th E...StatisticsISBN:9780134683416Author:Ron Larson, Betsy FarberPublisher:PEARSON
The Basic Practice of StatisticsStatisticsISBN:9781319042578Author:David S. Moore, William I. Notz, Michael A. FlignerPublisher:W. H. Freeman
Introduction to the Practice of StatisticsStatisticsISBN:9781319013387Author:David S. Moore, George P. McCabe, Bruce A. CraigPublisher:W. H. Freeman