In an article about investment growth Money magazine reported that drug stocks show powerful long-term trends and offer investors unparalleled potential for
strong and steady gains. The federal Health Care Financing Administration supports this conclusion through its forecast that annual prescription drug
expenditures will reach $366 billion by 2010 up from $117 billion in 2000. Many individuals age 65 and older rely heavily on prescription drugs. For this
group 82% take prescription drugs regularly 55% take three or more prescriptions regularly and 40% currently use five or more prescriptions. In contrast
49% of people under age 65 take prescriptions regularly with 37% taking three or more prescriptions regularly and 28% using five or more prescriptions (Money
September 2001). The U.S. Census Bureau reports that of the 281421906 people in the United States 34991753 are age 65 years and older (U.S. Census Bureau
Round your answers to 2 decimal places.
a. Compute the probability that a person in the United States is age 65 or older.
b. Given a person uses five or more prescriptions compute the probability that the person is age 65 or older.