Before a New Phone System Was Installed, the Amount a Company

question 70

Multiple Choice

Before a new phone system was installed, the amount a company spent on personal calls followed a normal distribution with an average of $700 per month and a standard deviation of $50 per month. Refer to such expenses as PCE's (personal call expenses) . Find the probability that a randomly selected month had PCE's below $550.

• A) 0.0013
• B) 0.7857
• C) 0.2143
• D) 0.9987

---

Definitions:

Fraud

Deceptive action designed to provide an unfair advantage or benefit to the individual or entity committing the fraud.

HDC

Holder in Due Course, a term in negotiable instruments law referring to someone who has acquired a negotiable instrument in good faith for value, with certain protections.

Promissory Note

A financial instrument containing a written promise by one party to pay another party a definite sum of money at a specified future date or on demand.

Illegal Transaction

A deal or exchange that violates state or federal laws and is therefore void and unenforceable.