Find the Indicated Probability

question 28

Multiple Choice

Find the indicated probability.
-In a homicide case 3 different witnesses picked the same man from a line up.The line up contained 5 men.If the identifications were made by random guesses,find the probability that all 3 witnesses would pick the same
Person.

• A)0.008
• B)0.0041152
• C)0.04
• D)0.6

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Definitions:

Forward Contract

A personalized agreement between two individuals to purchase or sell a property at a designated future time at a price determined currently.

Futures Contract

A standardized legal agreement to buy or sell a specific commodity or asset at a predetermined price at a specified time in the future.

Interest Rate Collar

A financial derivative strategy used to limit the range of possible interest rates movements by buying and selling interest rate options.

Variable Rate Loan

A loan where the interest rate can fluctuate over time based on changes in an underlying benchmark interest rate or index.