From a Group of Seven Finalists to a Contest, Three

question 112

Short Answer

From a group of seven finalists to a contest, three individuals are to be selected for the first and second and third places. Determine the number of possible selections.

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Definitions:

Cash Equivalents

Short-term, highly liquid investments that can be easily converted into a known amount of cash.

Highly Liquid

An asset or investment that can be quickly converted into cash without much loss in value, ensuring easy accessibility of funds.

Certificates of Deposit

Time deposit financial products provided by banks that offer a fixed interest rate in exchange for keeping a deposit untouched for a predetermined period.

Petty Cash

A small amount of cash on hand used for covering minor expenses, managed through a petty cash fund.