The Manager of a Used Car Lot Took Inventory of the Automobiles

question 232

Multiple Choice

The manager of a used car lot took inventory of the automobiles on his lot and constructed the following tablebased on the age of his car and its make (foreign or domestic) . $$\begin{array}{l}\text {\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad\quad Age of Car (in years) }\\\begin{array} { r | c c c c | c } { \text { Make } } & 0 - 2 & 3 - 5 & 6 - 10 & \text { over } 10 & \text { Total } \\\hline \text { Foreign } & 42 & 24 & 13 & 21 & 100 \\\text { Domestic } & 36 & 23 & 11 & 30 & 100 \\\hline \text { Total } & 78 & 47 & 24 & 51 & 200\end{array}\end{array}$$ A car was randomly selected from the lot. Given that the car selected is older than two years old, find theprobability that it is not a foreign car.

• A) \(\frac { 32 } { 61 }\)
• B) \(\frac { 29 } { 61 }\)
• C) \(\frac { 16 } { 25 }\)
• D) \(\frac { 29 } { 50 }\)
• Find the indicated probability. Give your answer as a decimal rounded to the nearest thousandth.

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Definitions:

Interest Payable

A liability account shown on a company’s balance sheet which represents the amount of interest expense that has accrued but has not been paid as of the balance sheet date.

Interest Expense

The financial cost of borrowing money that an entity sustains over time.

Notes Payable

Written promises to pay a specified amount of money, usually including interest, at a future date; classified as liabilities.

Cash

Money in the form of coins or banknotes, especially that which is used to conduct transactions.