Use the Following Information to Answer the Question

question 2

Multiple Choice

Use the following information to answer the question. Suppose that the probability that a person books an airline ticket using an online travel website is 0.72. For the questions that follow, consider a sample of ten randomly selected people who recently booked an airline ticket.
-What is the probability that exactly seven out of ten people used an online travel website when they booked their airline ticket? Round to the nearest thousandth.

• A)0.480
• B)0.998
• C)0.035
• D)0.264

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Definitions:

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting the decrease in value due to use and time.

Salvage Value

The predicted sale value of an asset at the end of its operational life.

Trade-In Allowance

The credit offered by a seller for an old item that is given as part of the payment for a new item, reducing the cash needed to complete the new purchase.

Accumulated Depreciation

This refers to the total amount of depreciation expense that has been recorded for an asset since it was acquired, reflecting its decrease in value over time.