Estimate the Indicated Probability by Using the Normal Distribution as an Approximation

question 147

Multiple Choice

Estimate the indicated probability by using the normal distribution as an approximation to the binomial distribution.
-A multiple choice test consists of 60 questions. Each question has 4 possible answers of which one is correct. If all answers are random guesses, estimate the probability of getting at least 20% correct.

• A) 0.8508
• B) 0.0901
• C) 0.1492
• D) 0.3508

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Definitions:

Goods Exports

The process of exporting goods that are made within a country to different countries for the purposes of selling or trading.

Goods Imports

The purchase of physical products from other countries to bring into one's own country.

Current Account

A component of a country's balance of payments that includes the trade balance, net primary income, and net secondary income.

Financial Account

Part of the balance of payments, it records transactions that involve the exchange of international ownership of assets.