Thirty percent of the CFA candidates have a degree in economics. A random sample of three CFA candidates is selected. What is the probability that at least one of them has a degree in economics?
A) 0.300
B) 0.343
C) 0.657
D) 0.900

Question

Quizplus · Accepted Answer

The probability that a candidate has a degree in economics is 0.30, which means the probability that a candidate does not have a degree in economics is 0.70.

To find the probability that at least one of the three randomly selected candidates has a degree in economics, we can calculate the complementary probability that none of them have a degree in economics and subtract it from 1.

The probability that none of the three candidates have a degree in economics is: 
0.70 * 0.70 * 0.70 = 0.343

So the probability that at least one of them has a degree in economics is: 
1 - 0.343 = 0.657

Therefore, the correct answer is choice C.

Thirty Percent of the CFA Candidates Have a Degree in Economics