Find the Indicated Probability
-On a Multiple Choice Test, Each $\frac { 1 } { 7 }$

question 167

Multiple Choice

Find the indicated probability
-On a multiple choice test, each question has 7 possible answers. If you make a random guess on the first question, what is the probability that you are correct?

• A) 0
• B) \(\frac { 1 } { 7 }\)
• C) 7
• D) 1

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Definitions:

IRA Balance

Refers to the total amount of money that is currently saved within an Individual Retirement Account, a tax-advantaged retirement savings account.

401(k) Plan

A retirement savings plan sponsored by an employer that allows workers to save and invest a portion of their paycheck before taxes are taken out.

Conventional IRA

Likely meant to be "Traditional IRA," which is an individual retirement account that offers tax-deferred growth and potential tax-deductible contributions.

Excise Tax

A tax on the sale or use of specific products or transactions, often included in the price of goods such as gasoline, alcohol, and tobacco.