A Consumer Advocacy Group Tested the "On-Air" Lifetimes a Random

question 73

Multiple Choice

A consumer advocacy group tested the "on-air" lifetimes a random sample of 241 cell phone batteries. The mean lifetime was 3.2 hours with a standard deviation of 0.1 hours.
The lifetimes are approximately bell-shaped. Estimate the number of batteries with
Lifetimes between 3.0 hours and 3.4 hours.

• A) almost all (greater than 229)
• B) 164
• C) 12
• D) 229

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Definitions:

Fair Market Value

The price at which property would sell for on the open market between a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts.

Valid Consideration

An essential element in the formation of a contract, referring to something of value (such as goods, services, or money) exchanged by the parties that induces them to enter into the agreement.

Illusory Consideration

An apparent promise or agreement that lacks a real commitment and therefore does not form a binding contract.

Adequacy of Consideration

An evaluation of whether something of legally sufficient value has been given in exchange for a promise or action, as part of a contract.