The Probability That an Appliance Is Currently Being Repaired Is

question 63

Multiple Choice

The probability that an appliance is currently being repaired is .5. If an apartment complex has 100 such appliances, what is the probability that at least 60 are currently being repaired? Use the normal approximation to the binomial.

• A) .5000
• B) .0287
• C) .6000
• D) .9713

---

Definitions:

Equilibrium Interest Rate

The equilibrium interest rate is the rate at which the demand for funds equals the supply of funds in the financial markets, balancing savings and investments.

Loanable Funds

The total amount of financial capital available for borrowing in financial markets.

Investment Projects

Initiatives undertaken by individuals, companies, or governments to allocate resources in the expectation of future financial returns.

Usury Laws

Regulations that set maximum interest rates which can be charged on loans, to protect borrowers from excessively high rates.