A few years ago Visa Card USA studied how frequently consumers use debit and credit cards in making purchases. The results of the study indicated that the probability that a consumer is 18 to 24 years old and uses a Visa Card when making a purchase is 0.0703 and the probability that a consumer is older than 24 and uses a Visa card when making a purchase is 0.2997. Also, the probability that a consumer is 18 to 24 years old is 0.14. (Assume that Visa customers are either 18-24 years old or older than 24).1. What is the probability that a randomly selected consumer who is 18 to 24 years old uses a Visa card for purchases?2. What is the probability that a randomly selected consumer uses a Visa card for purchases given that he or she is older than 24?

Respuesta :

Answer:

1. P=0.502

2. P=0.348

Step-by-step explanation:

1) What is the probability that a randomly selected consumer who is 18 to 24 years old uses a Visa card for purchases?

The probability is equal to the ratio between the probability that is 18-24 and uses Visa and the probability of being 18-24.

[tex]P=\frac{P(18-24\&VC)}{P(18-24)}=\frac{0.0703}{0.14}=0.502[/tex]

2) What is the probability that a randomly selected consumer uses a Visa card for purchases given that he or she is older than 24?

Its the same analysis as the previous question but with >24yo segment.

[tex]P=\frac{P(>24\&VC)}{P(>24)}=\frac{0.2997}{1-0.14}=\frac{0.2997}{0.86}= 0.348[/tex]