Suppose that there are 100 students entering the Master’s ofBusiness Administration program. Of these students, 20 have twoyears of work experience, 30 have three years of work experience,15 have four years of work experience, and 35 have five or moreyears of work experience.
a) One of the students is selected at random. What is theprobability that this student has at least three years of workexperience?
b) The selected student has at least three years of workexperience. What is the probability the student has four years ofwork experience?
c) Three students are selected at random. Calculate theprobability that all three students have five or more years of workexperience. Describe the key assumption required to make thecalculation and comment on whether the assumption isreasonable.
d) Would it be reasonable to use the probability calculated inpart a) as an estimate of the proportion of students entering theMBA degree program who have at least three years of workexperience? Explain your answer. Limit your explanation to at mostfive sentences.
