Using it's concept, it is found that there is a 0.54 = 54% probability that a particular firm selected has $1 million or more in income after taxes.
A probability is given by the number of desired outcomes divided by the number of total outcomes.
In this problem, out of 400 firms, 138 + 78 = 216 have $1 million or more in income after taxes, hence the probability is given by:
p = 216/400 = 0.54.
More can be learned about probabilities at https://brainly.com/question/14398287
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