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A quiz consists of 15 multiple-choice questions. Each question has five choices, with exactly one correct choice. A student, totally unprepared for the quiz, guesses on each of the 15 questions.
a. How many questions should the student expect to answer correctly?
b. What is the standard deviation of the number of questions answered correctly?
c. If at least nine questions must be answered correctly to pass the quiz, what is the chance the student passes?
Sale-leaseback
A transaction where an asset is sold and immediately leased back from the new owner, allowing the seller to continue using the asset while freeing up capital.
Depreciation Expense
The systematic allocation of the depreciable amount of an asset over its useful life, representing wear and tear or obsolescence.
Profit on Sale-Leaseback
This refers to the gain a company realizes when it sells an asset and immediately leases it back from the buyer, thus continuing to use the asset without owning it.
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