In 44 of the 70 years from 1939 through 2008 a certain stock market finished hig

Question

In 44 of the 70 years from 1939 through 2008 a certain stock market finished higher after the first week of trading. In 40 of those 44 years, this market finished higher for the year. The following table gives the first-week and annual performance of the market over this 70-year period. Use the table to answer (a) through (c) below. ANNUAL PERFORMANCE Lower 4 13 FIRST WEEK Higher Lower Higher 40 13 a. If a year is selected at random, what is the probability that the market finished higher for the year? (Round to four decimal places as needed.)

Explanation / Answer

This is given as the (sum of the required category over the column)/ Total

Thus, P(market finished higher)=(40+13)/(40+13+4+13)= 0.7571

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