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Dr. Sam Akiba, a surgeon, complains that he must pay $100,000 each year in premiums for adequate malpractice insurance. This insurance protects him against having to pay claims made by a patient or a patient's family in the event that the patient suffers injury or death due to a medical error during surgery.
Why do you think Dr. Akiba's insurance premium is so high?
A European department store is developing a new advertising campaign for its new U.S. location, and its marketing managers need to understand its target market better. A survey of adult shoppers found the probabilities that an adult would shop at their new U.S. store classified by age is displayed below.
c) What is the possibility that a survey respondent who is older than 40 shops at the store?