Your company provides services to three different industries: automotive, construction, and financial services.These services can be either on a yearly or on a monthly contract.The cross-tabulation below summarizes this information: $$\begin{array} { | l | l | l | l | }
\hline & \text { Morthly } & \text { Yearly } & \text { Total } \
\hline \text { Automotive } & 125 & 85 & 210 \
\hline \text { Construction } & 212 & 351 & 563 \
\hline \text { Finaricial } & 357 & 210 & 567 \
\hline \text { Total } & 694 & 646 & 1340 \
\hline
\end{array}$$ If a client is randomly selected, what is the likelihood that it will be from the financial industry or on a monthly contract?
A)26.6%
B)42.3%
C)51.8%
D)65.5%
E)67.5%

Question

Your company provides services to three different industries: automotive, construction, and financial services.These services can be either on a yearly or on a monthly contract.The cross-tabulation below summarizes this information: $$\begin{array} { | l | l | l | l | } 
\hline & \text { Morthly } & \text { Yearly } & \text { Total } \
\hline \text { Automotive } & 125 & 85 & 210 \
\hline \text { Construction } & 212 & 351 & 563 \
\hline \text { Finaricial } & 357 & 210 & 567 \
\hline \text { Total } & 694 & 646 & 1340 \
\hline
\end{array}$$ If a client is randomly selected, what is the likelihood that it will be from the financial industry or on a monthly contract?
A)26.6%
B)42.3%
C)51.8%
D)65.5%
E)67.5%

Quizplus · Accepted Answer

The probability of selecting a client from the financial industry is 567/1340. The probability of selecting a client on a monthly contract is 694/1340. To find the probability of selecting a client from the financial industry or on a monthly contract, we add these probabilities but subtract the overlap (financial industry and monthly contract) to avoid double counting: (567 + 694 - 357) / 1340 = 904 / 1340 = 67.5%.

Your Company Provides Services to Three Different Industries: Automotive, Construction