Question

Higher income Here is the distribution of the adjusted gross income in
thousands of dollars) reported on individual federal income tax returns
in a recent year. Given that a return shows an income of at least
$50,000, what is the probability that the income is at least $100,000?

Answer 1

Probabilities are used to determine the chances of events

The probability that the income is at least $100,000 is 0.106

How to determine the probability

From the table, we have the following parameters:

Salary 100 - 499 = 0.100

Salary >= 500 = 0.006

The probability that the income is at least $100,000 is then calculated as:

p = 0.100 + 0.006

Evaluate the sums

p = 0.106

Hence, the probability that the income is at least $100,000 is 0.106

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