Question

What is the probability a randomly selected family has an income of less than $50,000 using the following information. Income Level: <$25,000 for Number of Families (in thousands): 28,934.7 , Income Level: $25,000-$49,999 for Number of Families: 29,178.1, Income Level: $50,000-$74,999 for Number of families: 20,975.4 , Income Level: $75,000 - $99,999 for Number of families : 13,944.5, Income Level : ≥100000 for Number of families: 24,022.1 .

Answer 1

The required probability is found as follows:
\[\frac{28934.7+29178.1}{28934.7+29178.1+20975.4+13944.5+24022.1}\]

Answer 2

The above calculation is the total number of families with income less than $50,000 divided by the total number of families in all income ranges.