Mayco, a Mail-Order Department Store, Has Four Telephone Lines Available

question 70

Multiple Choice

Mayco, a mail-order department store, has four telephone lines available for customers who wish to place their orders. If the probability that during business hours any one of the four telephone lines is engaged is , find the probability that when a customer calls to place an order all four lines will be in use.

• A) 0.0007
• B) 0.0384
• C) 1
• D) 0.0016

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Definitions:

Bank Fee

A charge by a bank for the maintenance of accounts, processing transactions, or for providing specialized services.

Check Printing

The process of writing and creating checks from a bank account for payment purposes.

Cash Balance

The amount of cash on hand at a given time, reflecting the liquidity position of an entity, as recorded in the financial statements.

Petty Cash Fund

A small amount of cash kept on hand for making immediate, low-value payments instead of writing checks.