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Suppose you and a friend each choose at random an integer between 1 and 8, inclusive. For example, some
possibilities are (3, 7), (7, 3), (4, 4), (8, 1), where your number is written first and your friend's number second.
Find the following probabilities: (a) you pick 5 and your friend picks .
(b) (sum of the two numbers picked is ).
(c) (both numbers match).
(d) (the sum of the two numbers is a prime).
(e) (your number is greater than your friend's number).
Sales Allowance
A reduction in the price of goods sold, usually given after the sale to account for defects or errors in shipment.
Refund Liability
An obligation to return funds to a customer, often recognized in situations where returns or cancellations are expected.
Freight Paid
The cost incurred by a company to transport goods, often recognized as an expense in the income statement.
Operating Expense
Costs associated with the day-to-day operations of a business, excluding the cost of goods sold.
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