Find the Indicated Probability If One of These Customers Is Selected at Random, What

question 89

Multiple Choice

Find the indicated probability.
-The manager of a bank recorded the amount of time each customer spent waiting in line during peak business hours one Monday. The frequency table below summarizes the results. $$\begin{array} { r | c } \begin{array} { r } \text { Waiting Time } \\\text { (minutes) }\end{array} & \begin{array} { c } \text { Number of } \\\text { Customers }\end{array} \\\hline 0 - 3 & 10 \\4 - 7 & 13 \\8 - 11 & 14 \\12 - 15 & 4 \\16 - 19 & 6 \\20 - 23 & 2 \\24 - 27 & 2\end{array}$$ If one of these customers is selected at random, what is the probability that their waiting time is at
Least 12 minutes or between 8 and 15 minutes?

• A)0.692
• B)0.078
• C)0.549
• D)0.627

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Definitions:

Sales

The total amount of income generated by the selling of goods or services by a company during a certain period.

Manufacturing Costs

Refers to the total expenses incurred in the process of producing a product, including raw materials, labor, and overhead costs.

Variable Costing

An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, treating fixed costs as period expenses.

Absorption Costing

An accounting method that includes all manufacturing costs (direct costs, fixed, and variable overheads) in the cost of a product.