Sixty Percent of the Customers of a Fast Food Chain

question 59

Multiple Choice

Sixty percent of the customers of a fast food chain order a hamburger, French fries and a drink. If a random sample of 15 cash register receipts is selected, what is the probability that 10 or more will show that the above three food items were ordered?

• A) 1.000
• B) 0.7827
• C) 0.9095
• D) 0.2173
• E) 0.0905

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Definitions:

Compounded Quarterly

Interest calculated on an investment or loan on a quarterly basis where the interest is added to the principal, resulting in interest on interest for the next quarter.

Compounded Monthly

Interest calculated on the initial principal and also on the accumulated interest of previous periods, with the process happening every month.

Compounded Semi-annually

Interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods, applied twice a year.

Equivalent Cash

A term typically used to describe a sum of money that has the same value as another form of financial instrument or asset.