An Apple Juice Producer Buys All His Apples from a Conglomerate

question 25

Multiple Choice

An apple juice producer buys all his apples from a conglomerate of apple growers in one northwestern state. The amount of juice obtained from each of these apples is approximately normally distributed with a mean of 2.25 ounces and a standard deviation of .15 ounce. 77 percent of the apples will contain at least how many ounces of juice?

• A) 2.12
• B) 2.38
• C) 2.36
• D) 2.14

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Definitions:

Standard Deviation

Represents how spread out the numbers in a data set are.

Variable Life Insurance

A type of life insurance where the policyholder can allocate a portion of premium dollars to a separate account comprised of various investment funds.

Universal Life Policies

A type of flexible permanent life insurance offering the low-cost protection of term life insurance as well as a savings element, which is invested to provide a cash value buildup.

Defined Contribution Plans

Retirement plans where the amount invested is defined up front, but the future benefit is not guaranteed, depending on investment performance.