It Has Been Estimated That 25% of All University Students

question 74

Multiple Choice

It has been estimated that 25% of all university students switch majors within their first two years of starting classes. If a random sample of 500 third-year students is taken at a city university, what is an estimate of the probability that 20% or more had switched majors within their first two years?

• A) .4951
• B) .0049
• C) .9951
• D) 0.5059
• E) None of these are correct

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Definitions:

Journal Entries

A record of financial transactions in accounting that includes details like the date of the transaction, amounts involved, accounts affected, and a brief description.

Incurred Expense

An expense that a company has recognized on its books, representing a cost that has been encountered in the operation of the business.

Wages Paid

This refers to the total amount of remuneration paid by an employer to an employee, including salaries, commissions, and bonuses, for work performed during a specific period.