Use the Following Information to Answer Questions

question 29

Multiple Choice

Use the following information to answer questions .
Suppose that a binomial distribution is illustrated by the figure below, showing specific probabilities for each x
value.
-What is the approximate probability that x = 6 or less? Round to nearest hundredth place.

• A)0.44
• B)0.56
• C)0.13
• D)0.76

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Definitions:

Paper Currency

Money in the form of paper notes issued by the government or central bank, representing a legal tender for transactions.

Medium of Exchange

A medium of exchange is a system or object that is widely accepted as payment for goods and services.

Transaction Costs

The expenses incurred when buying or selling goods or services, including costs of gathering information, negotiating, and enforcing contracts.

Double Coincidence of Wants

A condition for trade in a barter system where two parties each desire what the other has to offer.