4. Probability
Basic Concepts of Probability
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In the context of probability, if a survey finds that 70% of customers are more likely to consider a company involved in a worthwhile cause, what is the probability that a randomly selected customer will consider such a company?
A
0.70
B
1.00
C
0.30
D
0.07
Verified step by step guidance1
Step 1: Understand the problem. The survey indicates that 70% of customers are more likely to consider a company involved in a worthwhile cause. This percentage represents the probability of a randomly selected customer considering such a company.
Step 2: Recall that probabilities are expressed as values between 0 and 1. A percentage like 70% can be converted to a probability by dividing it by 100. For example, 70% = 70/100 = 0.70.
Step 3: Identify the correct probability from the given options. Since the survey states 70%, the corresponding probability is 0.70.
Step 4: Verify the other options provided. 1.00 represents certainty (100%), which is not applicable here. 0.30 represents 30%, which is incorrect based on the survey. 0.07 represents 7%, which is also incorrect.
Step 5: Conclude that the correct probability for a randomly selected customer considering such a company is 0.70, based on the survey findings.
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