Question

A survey of 34 students at the Wall College of Business showed the following majors: Accounting 10 Finance 5 Economics 3 Management 6 Marketing 10 Suppose you select a student and observe his or her major. What is the probability he or she is a management major? (Round your answer to 3 decimal places.)

Answer 1

To solve this problem, we'll use the idea of probability. The probability of an event is the fraction of the number of possible successes (in our case, selecting a management major student) over the total number of outcomes (total students surveyed).

Step 1:
Let's start by defining our numbers here. We have a total of 34 students in the survey, and out of them, 6 are management students.

Step 2:
To find the probability that the student selected at random is a management student, we divide the number of successful outcomes by the total number of outcomes.

So, the probability (P) that a student chosen at random is a management student can be calculated as follows:

P (management) = Number of management students ÷ Total number of students

Step 3:
Now we just need to substitute the given values and calculate:

P (management) = 6 ÷ 34

Step 4:
Carry out the division to get the answer. The probability value should be rounded to 3 decimal places.

P (management) ≈ 0.176

There you have it! If you pick a student at random from this college, there's a 0.176, or roughly 17.6%, chance that the student is a management major.