There Is a 60% Chance of Getting Stuck in Traffic

question 71

Multiple Choice

There is a 60% chance of getting stuck in traffic when leaving the city. On two separate days, what is the probability that you get stuck in traffic both days?

• A) .36
• B) .60
• C) 1.20
• D) .30

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Definitions:

Credit Terms

Conditions under which a seller extends credit to a buyer, including payment deadlines and interest rates.

Discount Period

The time frame during which a payment can be made at a reduced rate before the full amount becomes due.

Annual Interest

The total amount of interest payable or receivable over one year, depending on whether the context is savings, investment, or a loan.

Credit

An accounting entry that increases liabilities and equity, or decreases an asset or expense account, representing the opposite of a debit.