A Bag Contains 6 Red Balls and 6 Black Balls

question 14

Multiple Choice

A bag contains 6 red balls and 6 black balls. We draw 6 balls, with each one replaced before the next is drawn. What is the probability that at least 4 black balls will be drawn? Round your answer to five decimal places. ​

• A)0.23438
• B)0.09375
• C)0.01563
• D)0.32813
• E)0.34375

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Definitions:

Present Value

Today's value of a future monetary amount or cash flow series, calculated with a designated rate of return.

Interest Rate

The cost of borrowing money or the return on investment for savings, usually expressed as a percentage.

Utility Function

A mathematical representation of how different quantities of goods or services increase a consumer's satisfaction or happiness.

Risk Averse

A description of an individual or entity's preference to avoid risk, choosing certainty over potential higher rewards that come with greater risk.