Solve the Problem What Is the Probability That a Household Has an Annual

question 31

Multiple Choice

Solve the problem.
-The table below shows the results of a consumer survey of annual incomes in 100 households. $$\begin{array} { l | c } \text { Income } & \text { Number of households } \\\hline \$ 0 - 14,999 & 7 \\\hline \$ 15,000 - 24,999 & 20 \\\hline \$ 25,000 - 34,999 & 30 \\\hline \$ 35,000 - 44,999 & 26 \\\hline \$ 45,000 \text { or more } & 17\end{array}$$ What is the probability that a household has an annual income less than $25,000?

• A) 0.57
• B) 0.2
• C) 0.27
• D) 0.73

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Definitions:

Expense Account

An account where costs incurred by a business, like rent, utilities, and salaries, are recorded.

Intangible Asset

An asset that lacks physical substance but offers value to a business, such as trademarks, patents, and copyrights.

Mining Rights

Legal permissions granted to companies or individuals to extract minerals or other valuable materials from the earth.

Depletion Expense

An accounting concept used to allocate the cost associated with natural resource extraction over the period of their removal or sale.