Question: According to a report, college graduates in 2010 were likely to face better job prospects than 2009 graduates (The New York Times, May 24, 2010). Many employers who might have been pessimistic at the start of the 2009-2010 academic year were making more offers than expected. Despite the improvement in job prospects, the Bureau of Labor Statistics reported that the current jobless rate for college graduates under age 25 was still 8%. For high school graduates under age 25 who did not enroll in college, the current jobless rate was 24.5%. Cindy Chan works in the sales department of a trendy apparel company and has recently been relocated to a small town in Iowa. She finds that there are a total of 220 college graduates and 140 high school graduates under age 25 who live in this town. Cindy wants to gauge the demand for her products by the number of youths in this town who are employed. In a report, use the above information to:
1. Compute the expected number of college and high school graduates who are employed.
2. Report the probabilities that at least 200 college graduates and at least 100 high school graduates under age 25 are employed.