Question

Given an employee is under 40 years of age, they have a 28% chance of having...

Given an employee is under 40 years of age, they have a 28% chance of having an individual retirement plan (IRA). If an
employee is 40 or older, they have a 43% chance of having an individual retirement plan (IRA). Currently the workforce
is composed of 56% of people who are under 40 years of age. Let A be the event that an employee is under 40 and B be
the event that an employee has an IRA. If you use your own event notation, define your events below.

What is the probability that a randomly selected employee has an IRA or is 40 or older?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. Joyce, age 40, and Sam, age 42, who have been married for seven years, are...
1. Joyce, age 40, and Sam, age 42, who have been married for seven years, are both active participants in qualified retirement plans. Their total AGI for 2018 is $130,000. Each is employed and earns a salary of $65,000. What are their combined deductible contributions to traditional IRAs? a. $0 b. $3,000 c. $4,000 d. $8,000 e. None of the above 2. Dana, age 31 and unmarried, is an active participant in a qualified retirement plan. Her AGI is $124,000....
You are 43 years old today and want to plan for retirement at age 65. You...
You are 43 years old today and want to plan for retirement at age 65. You want to set aside an equal amount every year from now to retirement. You expect to live to age 95 and want to withdraw a fixed amount each year during retirement that at age 65 will have the same purchasing power as $98,093 has today. You plan on withdrawing the money starting the day you retire. You have not saved any money for retirement....
The table below contains information on family financial planning according to the age of the head...
The table below contains information on family financial planning according to the age of the head of Household for all households in the nation.    Younger than 30 years Between 30 and 50 years. Older than 50 years Financial planning 40 440 100 No financial planning 160 240 20 1. What percent of people older than 50 years have a Financial Plan? 2. If a household is randomly chosen, what is the probability the head of that household is “between...
Age range, years 18-28 29-39 40-50 51-61 62 and over Midpoint x 23 34 45 56...
Age range, years 18-28 29-39 40-50 51-61 62 and over Midpoint x 23 34 45 56 67 Percent of super shoppers 6% 45% 19% 10% 20% (c) Compute the expected age μ of a super shopper. (Round your answer to two decimal places.) μ =  yr (d) Compute the standard deviation σ for ages of super shoppers. (Round your answer to two decimal places.) σ =  yr
What is the age distribution of promotion-sensitive shoppers? A supermarket super shopper is defined as a...
What is the age distribution of promotion-sensitive shoppers? A supermarket super shopper is defined as a shopper for whom at least 70% of the items purchased were on sale or purchased with a coupon. Age range, years 18-28 29-39 40-50 51-61 62 and over Midpoint x 23 34 45 56 67 Percent of super shoppers 10% 43% 20% 10% 17% For the 62-and-over group, use the midpoint 67 years. (a) Using the age midpoints x and the percentage of super...
You are 40 years old and want to retire at age 60. Each​ year, starting one...
You are 40 years old and want to retire at age 60. Each​ year, starting one year from​ now, you will deposit an equal amount into a savings account that pays 7​% interest. The last deposit will be on your 60th birthday. On your 60th birthday you will switch the accumulated savings into a safer bank account that pays only 3.5​% interest. You will withdraw your annual income of $120,000 at the end of that year​ (on your 61st birthday)...
Mrs. Cora Yank (age 42) is divorced and has full custody of her 10-year-old son, William....
Mrs. Cora Yank (age 42) is divorced and has full custody of her 10-year-old son, William. Mrs. Yank works as a medical technician in a Chicago hospital. Her salary was $38,400, from which her employer withheld $1,045 federal income tax and $2,938 employee FICA tax. Several years ago, Mrs. Yank was seriously injured in a traffic accident caused by another driver’s negligence. This year, she received a $25,000 settlement from the driver’s insurance company: $20,000 as compensation for her physical...
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit....
Bentley has paid $40,000 in premiums on a whole life policy with a $250,000 death benefit. The policy has paid a dividend of $1,000 per year for the past 10 years. If Bentley surrenders the policy today for it’s cash value of $55,000, what will be the amount of gain subject to taxation? A. $55,000 B. $15,000 C. $25,000 D. $0 Which of the following statements regarding entity purchase buy-sell agreements is correct? A. When one of the owners dies,...
James and Molly are married couples, both 62 years old and both retired from their respective...
James and Molly are married couples, both 62 years old and both retired from their respective companies last year. Both James and Molly rolled their employer retirement accounts over into self-directed individual retirement accounts. James is starting withdrawals from his account this year. They are planning to hold off on withdrawals from Molly's account until the required age of 701/2. Their daughter jane has a child, a three year-old named Nancy. Molly and her husband are in the 25% tax...
#46 In a survey of 2000 adults 50 years and older of whom 20% were retired...
#46 In a survey of 2000 adults 50 years and older of whom 20% were retired and 80% were pre-retired, the following question was asked: Do you expect your income needs to vary from year to year in retirement? Of those who were retired, 23% answered no, and 77% answered yes. Of those who were pre-retired, 28% answered no, and 72% answered yes. If a respondent in the survey was selected at random and had answered yes to the question,...