The Table Shows the Careers of a Group of Retired

question 25

Multiple Choice

The table shows the careers of a group of retired people and their ages at retirement.
What is the probability that a person who retired between the ages of 56 and 60 was a college professor?

• A)0.274
• B)0.246
• C)0.068
• D)0.248
• E)0.275

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Definitions:

Tax Equation

A mathematical formula used to calculate the amount of taxes owed based on income, deductions, and applicable tax rates.

Net Pay

The amount of money a worker takes home after all deductions, such as taxes and retirement contributions, have been subtracted from the gross salary.

Social Security Tax

The amount of Social Security a worker pays depends on the Social Security percentage and the maximum taxable income for that year; the amount is split between the employee and the employer.

Medicare Tax

A federal tax deducted from employees' paychecks to fund the Medicare program, which provides healthcare to seniors.