Q1. The Night Raiders, an expansion team in the National Indoor Football League, is having a challenging first season with a current win loss record of 0 and 4. However, the team recently signed four new defensive players and one of the team sponsors (who also happens to hold a CFA charter) calculates the probability of the team winning a game at 0.40. Assuming that whether the team wins a game is independent of whether it wins any other game, the probability that the team will win 6 out of the next 10 games is closest to: A) 0.417. B) 0.350. C) 0.112.
Q2. There is an 80% chance of rain on each of the next six days. What is the probability that it will rain on exactly two of those days? A) 0.24327. B) 0.01536. C) 0.15364.
Q3. Assume 30% of the CFA candidates have a degree in economics. A random sample of three CFA candidates is selected. What is the probability that none of them has a degree in economics? A) 0.027. B) 0.900. C) 0.343.
Q4. A casual laborer has a 70% chance of finding work on each day that she reports to the day labor marketplace. What is the probability that she will work three days out of five? A) 0.6045. B) 0.3087. C) 0.3192.
Q5. Which of the following could be the set of all possible outcomes for a random variable that follows a binomial distribution? A) (0, 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11). B) (-1, 0, 1). C) (1, 2).
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