Find the Indicated Probability

question 177

Multiple Choice

Find the indicated probability.
-The brand name of a certain chain of coffee shops has a 46% recognition rate in the town of Coffleton. An executive from the company wants to verify the recognition rate as the company is interested in opening a
Coffee shop in the town. He selects a random sample of 8 Coffleton residents. Find the probability that exactly 4
Of the 8 Coffleton residents recognize the brand name.

• A) 0.250
• B) 0.0448
• C) 0.00381
• D) 0.267

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Definitions:

Sales In Inventory

This term seems incorrect or incomplete. The correct term is likely "Inventory," which refers to the goods and materials a business holds for the purpose of resale.

FIFO

First In, First Out (FIFO) is an inventory valuation method where the costs of the oldest items are the first to be expensed, used to calculate cost of goods sold.

Cost Of Goods Sold

The specific costs involved in producing goods for sale by a company, covering materials and labor.

LIFO Method

"Last In, First Out," an inventory costing method where the most recently produced or purchased items are recorded as sold first.