Data on the 30 largest bond funds provided one-year and five-year percentage returns for the period ending March 31, 2000 (The Wall Street Journal, April 10, 2000). Suppose we consider a one-year return in excess of 2% to be high and a five-year return in excess of 44% to be high. One-half of the funds had a one-year return in excess of 2%, 12 of the funds had a five-year return in excess of 44%, and six of the funds had both a one-year return in excess of 2% and a five-year return in excess of 44%.

a. Find the probability of a fund having a high one-year return, the probability of a fund having a high five-year return, and the probability of a fund having both a high one-year return and a high five-year return.

b. What is the probability that a fund had a high one-year return or a high five-year return or both?

c. What is the probability that a fund had neither a high one-year return nor a high five-year return?