Question

provide an appropriate response.
recently, the stock market took big swings up and down. a survey of 1011 adult
investors asked how often they tracked their portfolio. the table shows the investor
responses. what is the probability that an adult investor tracks his or her portfolio
daily? express your answer as a simplified fraction and as a decimal rounded to three
decimal places.
how frequently? response
daily 222
weekly 281
monthly 297
couple times a year 144
dont track 67
222/1011; 0.22
297/1011; 0.142
297/1011; 0.142
281/1011; 0.278

Explanation:

Step1: Recall the probability formula

The probability formula is \(P(A)=\frac{\text{Number of favorable outcomes}}{\text{Total number of outcomes}}\). Here, the number of favorable outcomes (tracking daily) is \(222\), and the total number of outcomes is \(1011\).

Step2: Calculate the fraction

The fraction is \(\frac{222}{1011}\). Simplify this fraction by dividing both the numerator and denominator by their greatest - common divisor. The GCD of \(222\) and \(1011\) is \(3\). So, \(\frac{222\div3}{1011\div3}=\frac{74}{337}\).

Step3: Calculate the decimal

To find the decimal, divide \(222\) by \(1011\): \(222\div1011\approx0.220\) (rounded to three decimal places).

Answer:

\(\frac{222}{1011}\) (simplified to \(\frac{74}{337}\)), \(0.220\)