What is the probability that a particular firm has $1 million or more in income after taxes?

Question

Income after taxes                                            # of firms

Under $ 1 million                                                  102

$1 million up to $20 million                                     61

$20 million and more                                              37

A study of 200 stamping firms revealed these incomes after taxes. What is the probability that a particular firm selected has $1 million or more in income after taxes

Answer 1

Of the 200 firms 98 have an income after tax of at least $1M. So the probability of random choice of firm is 98/200=49%.