At an investment bank, 75% of the clients have at least $1 million dollars in their account. Furthermore, suppose that 60% of the clients have personally managed accounts. Finally, suppose that 70% of the accounts with at least $1 million are personally managed. What is the probability that a randomly chosen client has more than $1 million and is not personally managed? (please round your answer to 4 decimal places)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
At an investment bank, 75% of the clients have at least $1 million dollars in their account. Furthermore, suppose that 60% of the clients have personally managed accounts. Finally, suppose that 70% of the accounts with at least $1 million are personally managed. What is the
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