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Probability of Computer Failures. A PC World survey of 4000 personal computer owners showed that 992 of them broke down during the first two years. (The computers broke down, not the owners.) In choosing among several computer suppliers, a purchasing agent wants to know the probability of a personal computer breaking down during the first two years. Use the survey results to estimate that probability.
= 0.248 probability (992/4000)
Probability of Credit Card Fraud. A study of credit card fraud was conducted by a Master Card International, and the accompanying table is based on the results. If one case of credit card fraud is randomly selected from the cases summarized in the table, find the probability that the fraud resulted from a counterfeit card.
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