Five Identical Poker Chips Are Tossed in a Hat and Mixed

question 37

Multiple Choice

Five identical poker chips are tossed in a hat and mixed up. Two of the chips have been marked with an X to indicate that if drawn a valuable prize will be awarded. If you and two of your friends each draws a chip (with replacement) , what is the probability that at least one of your group of three will win the valuable prize? Round to the nearest thousandth.

• A)0.216
• B)0.978
• C)0.784
• D)None of these

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Definitions:

Cumulative Output

The total amount of product or work produced over a specific period.

Fixed Percent

A predetermined percentage rate applied in various financial and operational contexts, such as investment returns or budget allocations.

Varying Percent

Describes the difference in percentage rates, often used in finance and statistics, to compare changes over time or between different entities.

Experience Curve

A concept indicating that as a company gains experience in producing a product, its cost of production decreases due to efficiencies and learning effects.