Instruction 5-6 from an Inventory of 48 New Cars Being Shipped to Shipped

question 17

Short Answer

Instruction 5-6
From an inventory of 48 new cars being shipped to local dealerships,corporate reports indicate that 12 have defective radios installed.
-Referring to Instruction 5-6,what is the probability out of the 8 new cars it just received that,when each is tested,no more than half of the cars have non-defective radios?

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Definitions:

Tax Rates

The percentage at which an individual or corporation is taxed, which can vary by income or profit level, type of tax, and jurisdiction.

Zero Tax Revenue

A theoretical or policy situation where the government sets tax rates at levels that result in no revenue being collected, often discussed in contexts of extreme tax models.

Velocity of Money

Velocity of money is the rate at which money circulates in the economy, typically measured as the ratio of nominal GDP to the money supply.

Money Supply

The cumulative total of financial resources in an economy, involving cash, coins, and the amounts in checking and savings accounts, at a given instant.