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The contingency table below provides frequencies for the preferred type of exercise for people under the age of 35 and those 35 years of age or older. Find the probability that an individual prefers running and is under 35 years of age.
Marginal Rate
The rate at which one measure changes as another measure is incrementally increased, often used in financial and economic contexts.
Average Tax Rate
The percentage of total income allocated towards taxes, determined by dividing the taxpayer's total tax payment by their overall income.
Marginal Tax Rate
The tax rate applied to the last dollar of income, representing the rate at which additional income is taxed.
Taxable Income
The portion of an individual’s or corporation's income that is subject to taxes by the government.
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