Student Admissions Are Based on the Following Table, Which Shows

question 71

Short Answer

Student admissions are based on the following table, which shows the profile, by Math SAT I scores, of admitted students at some university for the Fall 2004 semester. Determine the theoretical probability of the event: "An applicant who had a Math SAT below 400 was admitted." (Round your answer to the nearest 0.01). $$\begin{array} { | l | l | l | l | l | l | l | } \hline & \mathbf { 2 0 0 } - \mathbf { 3 9 9 } & \mathbf { 4 0 0 } - \mathbf { 4 9 9 } & \mathbf { 5 0 0 } - \mathbf { 5 9 9 } & \mathbf { 6 0 0 } - \mathbf { 6 9 9 } & \mathbf { 7 0 0 } - \mathbf { 8 0 0 } & \text { Total } \\\hline \text { Admitted } & 6 & 212 & 1,137 & 2,882 & 5,293 & 9,530 \\\hline \begin{array} { l } \text { Not } \\\text { Admitted }\end{array} & 734 & 3,517 & 9,211 & 12,230 & 5,150 & 30,842 \\\hline \begin{array} { l } \text { Total } \\\text { Applicants }\end{array} & 740 & 3,729 & 10,348 & 15,112 & 10,443 & 40,372 \\\hline\end{array}$$ ​
Enter your answer in decimal form, not as a fraction.
The probability is __________.

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Definitions:

Inflation Rate

The percentage rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Unemployment Rate

The percentage of the labor force that is jobless and actively seeking employment, a key indicator of the economy's health.

Rational Expectations Theory

An economic theory suggesting that individuals form forecasts about the future based on all available information and past experiences, thereby influencing and typically accurately predicting future economic events.

Adverse Supply Shock

An unexpected event that suddenly decreases the supply of a good or service, often leading to increased prices and decreased quantity in the market.