A Local Church Lottery States That the Probability That Any

question 24

Multiple Choice

A local church lottery states that the probability that any ticket wins a prize is 36%. Suppose that you are generous and purchase 1225 tickets, what is the probability that more than 441 of the tickets result In a prize? Give your answer as a percentage.

• A) 36%
• B) 50%
• C) 64%
• D) 68%
• E) None of the above.

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Definitions:

Security

A financial instrument representing an investment in stocks, bonds, or any other financial asset that provides ownership or debt rights to holders.

Initial Public Offerings

The first sale of stock by a private company to the public, often referred to as going public.

Secondary Market

The secondary market is where previously issued securities and financial instruments, such as stocks and bonds, are bought and sold, unlike the primary market where securities are first issued.

Overpriced

A term used to describe securities or assets that are trading above their intrinsic or fair value.