Question

wld incorporated, a national data-collection agency, estimates that 49% of all customers at home warehouse stores (in the united states) own their own home. wld also estimates that 46% of all home warehouse customers have lived at their current address for less than five years, and that 76% of all home warehouse customers own their own home or have lived at their current address for less than five years (or both). using these estimates, what is the probability that a randomly selected home warehouse customer both owns her own home and has lived at her current address for less than five years?

write your answer as a decimal (not as a percentage). (if necessary, consult a list of formulas.)

Explanation:

Define the events and given probabilities

Using the Probability of Events knowledge point

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Apply the addition rule to find the intersection

Using the Addition Rule of Probability knowledge point

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Answer:

WLD Incorporated, a national data-collection agency, estimates that 49% of all customers at home warehouse stores (in the United States) own their own home. WLD also estimates that 46% of all home warehouse customers have lived at their current address for less than five years, and that 76% of all home warehouse customers own their own home or have lived at their current address for less than five years (or both). Using these estimates, what is the probability that a randomly selected home warehouse customer both owns her own home and has lived at her current address for less than five years?

Write your answer as a decimal (not as a percentage). (If necessary, consult a list of formulas.)

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