Estimate the Indicated Probability

question 209

Multiple Choice

Estimate the indicated probability.
-A survey was done at a mall in which 5000 customers were asked what type of credit card they Used most often. The results of the survey are shown in the figure below:
Determine the empirical probability that a person selected at random from the 5000 surveyed uses Mastercard. Round to the nearest thousandth when necessary.

• A) 0.345
• B) 1.059
• C) 0.358
• D) 0.0358

Realize the role of preparedness and willingness to make concessions in successful negotiations.

Comprehend the concept of the bottom line or breakpoint in negotiations.

Understand the strategic use of verbal and non-verbal communication to influence negotiation outcomes.

Recognize the importance and impact of having alternatives in negotiations.

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Definitions:

Lower-of-Cost

A principle requiring that inventory is recorded at the lower cost between its original purchase price and its current market price.

Market Inventory

The total quantity of goods available for sale in the market.

Overstated Inventory

An inventory valuation that is higher than the actual inventory level, which can misrepresent financial health.

Gross Profit

The difference between sales revenue and the cost of goods sold before deducting overheads, taxes, and interest.