Answered: Table 4.1 Days until…

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 31EQ

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Habitt is a fine home and interior design store located in Karachi, Pakistan, that specializes primarily in art and science of understanding people's behaviour to create functional spaces within a building and to decorate using their ideas. The company recently became interested in determining the likelihood of one of its designing portfolios being selected to be sold within a certain number of days. An analysis of company sales of 700 portfolios in previous years produced the following data.

	Table 4.1
	Days until Portfolio is selected to be Sold	Less than 30	41-70	Greater than 80
Less than $60K	20	50	90
$60-$120K	40	100	270
$120-$180K	40	80	130
Greater than $ 180K	20	10	20

Assuming that a contract was just signed to select a portfolio with an initial asking price of less than $60K, what is the probability that the portfolio will take Ideal Home more than 80 days to sell?

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