Data on the 30 largest stock and balanced funds provided 1-year and 5-year percentage returns for the period ending March 31, 2000 (The Wall Street Journal, April 10, 2000). Suppose we consider a 1-year return in excess of 50% to be high and a 5-year return in excess of 300% to be high. Nine of the funds had 1-year returns in excess of 50%, seven of the funds had 5-year returns in excess of 300%, and five of the funds had both 1-year returns in excess of 50% and 5-year returns in excess of 300%.

(a)What is the chance of high 1-year return, and what is the chance of a high 5-year return?

(b)What is the chance of both a high 1-year return and a high 5-year return?

(c)What is the chance of neither a high 1-year return nor a high 5-year return?