Based on a USA Today Poll, Assume That 10% of the Population

question 57

Essay

Based on a USA Today poll, assume that 10% of the population believes that college is no longer a good investment. Find the probability that among 16 randomly selected people, at
least 1 believes that college is no longer a good investment.

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Definitions:

Appreciates

Refers to an increase in value or price of an asset, currency, or commodity over time.

Purchasing Power Parity

A theory that states prices of goods and services should equalize across countries when expressed in a common currency, meaning a basket of goods should cost the same regardless of the country after accounting for exchange rates.

Big Mac

a hamburger sold by the international fast-food chain McDonald's, often used as a symbol of globalization and sometimes as a reference point in economic studies like the Big Mac Index.

Fixed Exchange Rates

A system where the value of a country’s currency is pegged at a set rate to another currency or a basket of currencies.