This test: 100 point(s) E Test: Midterm 1 Question 1 of 10 possible This question: 10 point(s) possible Submit test Previous question A financial analyst was asked to evaluate earnings prospects for seven corporations over the next year and to rank them in order of predicted earnings growth rates. a. How many different rankings are possible? b. If, in fact, a specific ordering is the result of a guess, what is the probability that this guess will turn out to be correct? a. How many different rankings are possible? There are ways the corporations can be ranked. (Type a whole number.) b. If, in fact, a specific ordering is the result of a guess, what is the probability that this guess will turn out to be correct? (Type an integer or a fraction.) Time Remaining: 01:11:47 Next MacBook ProThis test: 100 point(s) =Test: Midterm 1 Question 2 of 10 possible This question: 10 Submit test point(s) possible Next question An inspector examines items coming from an assembly line. A review of his record reveals that he accepts only 8% of all defective items. It was also found that 3% of all items from the assembly line are both defective and accepted by the inspector. What is the probability that a randomly chosen item from this assembly line is defective? The probability that a randomly chosen item from this assembly line is defective is (Round to three decimal places as needed.) Time Remaining: 01:11:36 Next MacBook Pro