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Among a group of 2,500 people, 35 percent invest in

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Re: Among a group of 2,500 people, 35 percent invest in  [#permalink]

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New post 09 Sep 2018, 03:20
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dave13 wrote:
Bunuel wrote:
SOLUTION

Among a group of 2,500 people, 35 percent invest in municipal bonds, 18 percent invest in oil stocks, and 7 percent invest in both municipal bonds and oil stocks. If 1 person is to be randomly selected from the 2,500 people, what is the probability that the person selected will be one who invests in municipal bonds but NOT in oil stocks?

(A) 9/50
(B) 7/25
(C) 7/20
(D) 21/50
(E) 27/50

Given:
\(0.35*2,500=875\) invest in municipal bonds;
\(0.07*2,500=175\) invest in in both municipal bonds and oil stocks;

Therefore \(875-175=700\) invest in municipal bonds but NOT in in oil stocks. (Or directly: 35%-7%=28% of 2,500, which is 700, invest in municipal bonds but NOT in in oil stocks).

\(P=\frac{Favorable}{Total}=\frac{700}{2,500}=\frac{7}{25}\).


Answer: B.


Bunuel is there a shortcut to calculate percent when it comes to big numbers. Quote time consuming....:)

\(0.35*2,500=875\) invest in municipal bonds;
\(0.07*2,500=175\) invest in in both municipal bonds and oil stocks;

Hi , as the question asked for the probability you can think that it will be fractions so we don't actually need to deal with numbers.
Only calculating percentages is sufficient.{checkout ENGRTOMBA2018 's answer regarding this.It is much more simple and takes less time to solve }
Hope it helps.
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Re: Among a group of 2,500 people, 35 percent invest in  [#permalink]

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New post 14 Oct 2019, 05:37
Do we need to use 2500?, all are in % terms, gives the same result with 28/100 too
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Re: Among a group of 2,500 people, 35 percent invest in   [#permalink] 14 Oct 2019, 05:37

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