Use the Following Information for the Question

question 17

Multiple Choice

Use the following information for the question. Male players at the high school, college and professional ranks use a regulation basketball that weighs 22.0 ounces with a standard deviation of 1.0 ounce. Assume that the weights of basketballs are approximately normally distributed.
-Roughly what percentage of regulation basketballs weigh more than 23.1 ounces? Round to the nearest tenth of a percent.

• A)Roughly 15.1% of the basketballs will weigh more than 23.1 ounces.
• B)Roughly 36.4% of the basketballs will weigh more than 23.1 ounces.
• C)Roughly 13.6% of the basketballs will weigh more than 23.1 ounces.
• D)Roughly 42.3% of the basketballs will weigh more than 23.1 ounces.

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Definitions:

Forward Contract

A personalized agreement between two individuals to purchase or sell a property at a designated future time at a price determined currently.

Futures Contract

A standardized legal agreement to buy or sell a specific commodity or asset at a predetermined price at a specified time in the future.

Interest Rate Collar

A financial derivative strategy used to limit the range of possible interest rates movements by buying and selling interest rate options.

Variable Rate Loan

A loan where the interest rate can fluctuate over time based on changes in an underlying benchmark interest rate or index.