1. The Automobile Insurance Industry of Canada conducted a survey in Ontario to determine both the...

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1. The Automobile Insurance Industry of Canada conducted a survey in Ontario to determine both the number of new car purchases, leases and the probability in which a consumer will repurchase or release a new car over a three year and five year period. Their findings are shown in the table below. Drivers 3 Years 5 Years Total Own 200,000 300,000 500,000 Lease 350,000 125,000 475,000 Total 550,000 425,000 975,000 a) Determine the probability that a driver in Ontario owns his/her automobile. b) Determine the probability that a driver in Ontario leases his/her automobile. c) Determine the probability that a driver in Ontario will own his/her automobile for three years before purchasing a new automobile again. d) Determine the probability that a driver in Ontario will lease his/her automobile for five years before leasing a new automobile again. 1. The Automobile Insurance Industry of Canada conducted a survey in Ontario to determine both the number of new car purchases, leases and the probability in which a consumer will repurchase or release a new car over a three year and five year period. Their findings are shown in the table below. Drivers 3 Years 5 Years Total Own 200,000 300,000 500,000 Lease 350,000 125,000 475,000 Total 550,000 425,000 975,000 a) Determine the probability that a driver in Ontario owns his/her automobile. b) Determine the probability that a driver in Ontario leases his/her automobile. c) Determine the probability that a driver in Ontario will own his/her automobile for three years before purchasing a new automobile again. d) Determine the probability that a driver in Ontario will lease his/her automobile for five years before leasing a new automobile again.