John Has Six Bills of Paper Money in the Following

question 1

Multiple Choice

John has six bills of paper money in the following denominations: $1, $5, $10, $20, $50, and $100 If he selects 3bills at a time what is the probability of selecting a group that has an average value of at least $26?

• A) 0.55
• B) 0.50
• C) 0.60
• D) 0.45

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Definitions:

Fixed Expenses

Regularly occurring costs that remain constant in total regardless of changes in activity within a relevant period.

Contribution Margin

The difference between a company's sales revenue and its variable costs, serving as a measure of the profitability of individual products.

Monthly Unit Sales

The total number of units of a product sold by a company in a given month, often used to track sales trends and forecast demand.

Variable Costs

Costs that vary directly with the level of production or output, such as raw materials and direct labor expenses.