Conditional Probability Formula and Contingency Tables
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In a large accounting firm, the proportion of accountants with MBA degrees and at least 5 years of professional experience is 0.75 times the proportion of accountants with no MBA degree and less than 5 years of professional experience. Furthermore, 35% of the accountants in this firm have MBA degrees, and 45% have less than 5 years of professional experience.
(a) What is the probability of a randomly selected accountant to have at least 5 years of professional experience?
(b) What proportion of accountants with MBA degrees have at least 5 years of professional experience?
(c) What is the probability of a randomly selected accountant to have at least 5 years of professional experience and no MBA degree?
(d) If one of the firm's accountants is selected at random, what is the probability that this accountant has an MBA degree or at least 5 years of professional experience but not both?
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Solution Summary
The solution gives detailed steps on calculating the conditional probability under different conditions using contingency tables.
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We are given P(MBA)=0.35, so P(no MBA)=1-0.35=0.65.
P(less than 5 years | MBA)=0.45 , so P(at least 5 years | ...
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