Find the Probability Using the Binary Probability Formula

question 19

Multiple Choice

Find the probability using the binary probability formula. Round to four decimal places, if necessary. n = 14, p = 0.56, x = 4

• A) 0.0037
• B) 0.0268
• C) 0.6426
• D) 0.0001

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Definitions:

Consumption Tax

A levy imposed on the acquisition of goods and services, charged at the time of purchase.

Income Tax

A charge imposed by authorities on the earnings of individuals and enterprises operating within their territory.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating how much of an additional dollar earned will be taken in taxes.

Average Tax Rate

The proportion of total income that is paid as tax, calculated by dividing the total amount of tax paid by the total income.