A Statistics Class at Wilmington College Has 25 Students of Which

question 62

Multiple Choice

A statistics class at Wilmington College has 25 students of which 15 are math majors and 10 are business majors. The professor randomly selects five students to work together on a group project. What is the probability that less than three of the students in this group are business majors?

• A)0.2561
• B)0.7582
• C)0.6988
• D)0.3447

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Definitions:

Contrived Scarcity

An artificial limitation of supply to increase prices, often practiced by monopolies or through regulatory constraints.

Usury Law

Usury laws are regulations governing the amount of interest that can be charged on a loan, intended to protect consumers from excessive and unreasonable interest rates.

Interest Rate

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

Loanable Funds

Describes the market where savers provide funds to borrowers, influencing interest rates through supply and demand.