Question

1. In a world-wide study of counterfeit US bills, bills from 30 large cities were analyzed....

1. In a world-wide study of counterfeit US bills, bills from 30 large cities were analyzed. Here are the results: 175 of the bills were verified as counterfeit while 218,955 were not counterfeit. If a bill is randomly selected, find the probability that it is counterfeit.

2. If there is upwards of $1.55 trillion in US currency circulating globally, calculate the value of counterfeit bills.

Math   Statistics-And-Probability   
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Answer #1

Question (1)

Given that 175 of the bills were verified as counterfeit while 218,955 were not counterfeit.

So total bills = 175 + 218,955

= 219,130

So If a bill is randomly selected, find the probability that it is counterfeit = 175 / 219130

= 0.00079861

Question (2)

Given that there is upwards of $1.55 trillion in US currency circulating globally

Probbaility that a randomly selected bill is counterfeit = 0.00079861

So value of counterfeit bills = $1.55 trilllion * 0.00079861

= $1237849678.27317

= $0.00124 trillion

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