In a Certain Office, Seven Men Determine Who Will Pay

question 76

Short Answer

In a certain office, seven men determine who will pay for coffee by each flipping a coin. If one of them has an outcome that is different from the other six, he must pay for the coffee. What is the probability that in any play of the game there will be an "odd man out"? Please round your answer to four decimal places.
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P = __________

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Definitions:

Amortizing

The process of paying off debt with a fixed repayment schedule in regular installments over a period of time, including both interest and principal.

Flotation Costs

Expenses incurred by a company in issuing new securities, including fees for underwriters, legal, accounting, and other registration and compliance costs.

Call Premium

The extra amount paid over the face value of a bond when it is called before its maturity date.

Equity Carve-out

A process in which a company sells a portion of the equity of a subsidiary or division to outside investors, typically through a public offering.