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A Statistics Student Plans to Use a TI-84 Plus Calculator

question 5

Essay

A statistics student plans to use a TI-84 Plus calculator on her final exam. From past experience, she estimates there is a 0.92 probability that the calculator will work on any
given day. Because the final exam is so important, she plans to bring in two calculators in
case one loses power. Does she gain much by bringing in the backup calculator? Use the
probability that she will be able to complete her exam with a working calculator.


Definitions:

Work In Process Inventory

Represents the cost of unfinished goods that are in the production process at a certain point in time.

Finished Goods Inventory

The value of products that have completed the manufacturing process but have not yet been sold to customers.

Raw Materials Inventory

An account on the balance sheet that represents the cost of materials that have not yet been converted into finished products by a manufacturing company.

Finished Goods Inventory

The stock of final products that are ready to be sold but have not yet been sold to customers.

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