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[See Steps] Likelihood of a tax return audit. At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood of a

Question: Likelihood of a tax return audit. At the beginning of each year, the Internal Revenue Service (IRS) releases information on the likelihood of a tax return being audited, 2007, the IRS audited 1,384,563 individual tax returns from the total of 134,421,400 filed returns; also in 2007, the IRO audited 59,516 business returns from the total of 9,072.80 business returns filed (IRS Fiscal Year 2007 Enforcement and Services Statistics).

  1. Suppose an individual tax return from 2007 is randomly selected. What is the probability that the return is audited by the IRS?
  2. Refer to part a. Determine the probability that an individual return is not audited by the IRS.
  3. Suppose a business tax return from 2007 is randomly selected. What is the probability that the return is audited, by the IRS?
  4. Refer to part c. Determine the probability that a business return is not audited by the IRS.

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