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:

Trading

The act of buying, selling, or exchanging goods, services, or financial instruments within markets.

Loads

In finance, refers to fees or commissions charged by a mutual fund, which can be at the time of purchase (front-end load), time of sale (back-end load), or as an annual expense (level load).

Absolute Advantage

The ability of a party (country, company, individual) to produce a greater quantity of a good, product, or service than competitors using the same amount of resources.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient trade possibilities.