Question

g According to a recent report from LegalZoom, 35% of new business last year were started by women (65% were started by men). Of those started by women, 20% had revenues of $100,000 or above. Of those started by men, 24% had revenues of $100,000 or above. Suppose a business that was started last year had revenues of $100,000 or above, what is the probability that it was started by a man

Answer 1

Answer:

the probability that it was started by a man is 69%

Explanation:

65% companies were started by men

24% of 65% had revenues above $100,000

24% x 65% = 15.6% of the total number of companies started last year had revenues of more than $100,000 and were started by men.

35% companies were started by women

20% of 35% had revenue above $100,000

20% x 35% = 7% of the total number of companies started last year had revenues of more than 100% and were started by women.

total percentage of companies that had revenues above $100,000 = 7% + 15.6% = 22.6%

15.6/22.6 = 69% started by men

7/22.6 = 31% started by women