I need help with developing the excel formula to calculate the probability for the 5th question of this assignemnt. In this tab, you must answer the five questions below the table of data. To do so,...


I need help with developing the excel formula to calculate the probability for the 5th question of this assignemnt.


In this tab, you must answer the five questions below the table of data. To do so, you will have to write formulas which calculate probabilities. To write these formulas, remember the following formula for classical probability:



?(?) = ?/ ?  = ?????? ?? ???? ????? ? ?????? / ????? ?????? ?? ???????? ???????? ?? ?ℎ? ?????? ?????



Each of the questions involves a different “X”, and some of them involve different “T”s. Think through each question carefully to make sure you identify these values correctly.


















Question 5What is the probability that someone with some college or more makes $75,000 or more?
Answer:






































































Household Income ($1000s)
Education Level$0 - 24.9$25 - 49.9$50 - 74.9$75 - 99.9$100+Total
Not H.S. Graduate4,2073,4591,3895393679,961
H.S. Graduate4,9176,8505,0272,6372,66822,099
Some College2,8075,2584,6783,2504,07420,067
Bachelor's Degree8852,0942,8482,5815,37913,787
Beyond Bach. Degree2908291,2741,2414,1887,822
Total13,10618,49015,21610,24816,67673,736


Jun 08, 2022
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