The Economic Report of the President Gives the Following Age

question 48

Essay

The Economic Report of the President gives the following age distribution of the United
States population for the year 2000: $$\begin{array}{l}\text { United States Population By Age Group, } 2000\\\begin{array} { | l | l | l | l | l | l | l | l | } \hline \begin{array} { l } \text { Outcome (age } \\\text { category) }\end{array} & \text { Under 5 } & 5 - 15 & 16 - 19 & 20 - 24 & 25 - 44 & 45 - 64 & \begin{array} { l } 65 \text { and } \\\text { over }\end{array} \\\hline \text { Percentage } & 0.06 & 0.16 & 0.06 & 0.07 & 0.30 & 0.22 & 0.13 \\\hline\end{array}\end{array}$$ Imagine that every person was assigned a unique number between 1 and 275,372,000 (the
total population in 2000).If you generated a random number, what would be the
probability that you had drawn someone older than 65 or under 16? Treating the
percentages as probabilities, write down the cumulative probability distribution.What is
the probability of drawing someone who is 24 years or younger?

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Definitions:

Percentage Calculation

The mathematical process of determining the percentage amount or rate of something.

Percentage Calculation

The process of determining the relative amount of something as a percentage, which involves multiplication by 100 and adding a percent sign.

Percentage Calculation

The mathematical process of finding a portion of a number relative to 100, often used to compare sizes of different quantities.

Graduated Commission

A graduated commission is a compensation structure where the rate of commission increases with the volume of sales achieved, incentivizing higher performance.