Business, 22.04.2021 14:00 kylie7357

According to a recent study, 9 out of 10 parents have helped their adult children with some financial assistance. The following table shows the number of times parents have given their adult children financial assistance to buy a car and to pay the rent. Pay the rent

Yes

No

Buy a car

Yes

140

60

No

20

180

Develop a joint probability table. (2 marks)

Using the marginal probabilities for ‘buy a car’ and ‘pay the rent’, are parents more likely to assist their adult children with buying a car or paying the rent? What is your interpretation of the marginal probabilities? (2 marks)

If parents provided financial assistance to buy a car, what is the probability that the parents assisted with paying rent? (2 marks)

If parents did not provide financial assistance to buy a car, what is the probability that the parents assisted with paying rent? (2 marks)

What is the probability that parents provided financial assistance for their adult children by either helping to buy a car or pay rent? (2 marks)

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