For the fiscal year 2007, a tax authority audited 1.87% of individual tax returns with income...
For the fiscal year 2007, a tax authority audited 1.87% of individual tax returns with income of $100,000 or more. Suppose this percentage stays the same for the current tax year. What is the probability that two randomly selected returns with income of $100,000 or more will be audited?
Homework Answers
due to independence:
probability that two randomly selected returns with income of $100,000 or more will be audited
=P(first will be audited)*P(2nd will be audited) =0.0187*0.0187 =0.000350
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