rtst ,determine the effective interest rate that your own credit card issuer cha

Question

rtst ,determine the effective interest rate that your own credit card issuer charges you. Assume that a friend of yours have answered the two multiple choice questions randomly since he has not studied for the exam at all.) Each question has 5 options and only one choice is correct. Thus the probabilities of your friend answering a question correctly is P0.20and incorrectly P) 0.80. Based on this information 6. a. What is the probability that he will answer both questions correctly? b. What is the probability that he will answer both questions incorrectly? e. What is the probability that he will answer one of the two questions correctiy?

Explanation / Answer

6. The probability of answering a question correctly is P( c) = 0.2 and the probability of answering a question incorrectly is P(i) = 0.80.

a. The probability of answering both the questions correctly is P( c)* P( c) = 0.2*0.2 = 0.04.

b. The probability of answering both the questions incorrectly is P( i)* P( i) =0.8*0.8 = 0.64.

c. The probability of answering one question correctly ( and one question incorrectly) is P( c)*P(i) = 0.2*0.8 = 0.16.

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