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The Data Below Show the Types of Medals Won by Athletes

question 18

Essay

The data below show the types of medals won by athletes representing the United States
in the Winter Olympics. Suppose that one medal is chosen at random and the type of
medal noted.  gold  gold  silver  gold  bronze  silver  silver  bronze  gold  silver  silver  bronze  silver  gold  gold  silver  silver  bronze  bronze  gold  silver  gold  gold  bronze  bronze \begin{array} { l l l l l l l } \text { gold } & \text { gold } & \text { silver } & \text { gold } & \text { bronze } & \text { silver } & \text { silver } \\\text { bronze } & \text { gold } & \text { silver } & \text { silver } & \text { bronze } & \text { silver } & \text { gold } \\\text { gold } & \text { silver } & \text { silver } & \text { bronze } & \text { bronze } & \text { gold } & \text { silver } \\\text { gold } & \text { gold } & \text { bronze } & \text { bronze } & & &\end{array} Given that the medal is not bronze, what is the probability that the medal is gold?


Definitions:

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A tool used for making holes in various materials, part of machinery equipment.

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A financial agreement between two parties to buy or sell an asset at a predetermined future date and price.

Cash-flow Hedge

A financial strategy used to manage risk associated with variability in cash flows due to changes in exchange rates, interest rates, or commodity prices, by using derivatives.

Net Exchange Gain

The profit from exchanging one currency for another after accounting for currency fluctuations and transaction costs.

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