Use the Following Information to Answer Questions

question 56

Essay

Use the following information to answer questions . Suppose that a recent poll of single people over the
age of thirty-five were asked about their living arrangements. The poll found that 34% rented a house or
apartment, 21% owned a house, and 17% owned a condominium. Suppose that four single people are selected
randomly and with replacement.
-What is the probability that all four people rent a house or apartment? Show your work and round to the nearest thousandth.

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Definitions:

Verbal Contract

A verbal contract is an agreement made through spoken words between parties that is legally binding, though more difficult to prove than written contracts.

Binding

A legal agreement or contract that is enforceable in a court of law, obligating the parties to adhere to the terms.

Written

Pertaining to information or agreements expressed in written form as opposed to being verbal or implied.

Part Performance

An equitable doctrine allowing a court to enforce an oral contract, despite statutory requirements for it to be in writing, based on actions taken in reliance on the contract.