In an Instant Lottery, Your Chance of Winning Is 0

question 34

Multiple Choice

In an instant lottery, your chance of winning is 0.1. If you play the lottery 100 times and outcomes are independent, the probability that you win at least 15 percent of the time is

• A) 0.4933.
• B) 0.5.
• C) 0.15.
• D) 0.0478.
• E) 0.9213.

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Definitions:

Materials Quantity Standard

The established amount of materials that should be used for the production of a unit of goods.

Labor Quantity Standard

The benchmark or established norm for the amount of labor input required to produce a certain amount of output, reflecting efficiency expectations.

Materials Price Standard

The predetermined cost of materials that should be incurred under efficient operating conditions.

Predetermined Overhead Rate

A rate calculated before a period begins, used to allocate estimated overhead costs to products or services based on a chosen activity base.