Number of possible choices (stats)

In summary, an investor is looking to purchase one investment among common stocks, preferred stocks, and bonds from six different industries in various countries. They can use either a full-service broker or a discount broker and have the option to pay with cash or margin. With 288 possible choices, the investor is considering a total of 6 countries.
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maiad
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Homework Statement


An investor wants to purchase one investment among common stocks, preferred stocks and bonds of six industries located in several countries. The investor can use a full-service broker or a discount broker and can buy with cash or margin. If there are 288 possible choices, how many countries is the investor considering?


Homework Equations





The Attempt at a Solution


Well there are 6 industries, each industries has a stock or bond to invest in. Then there are 2 broker choices and afterwards, 2 ways to pay.

so i used this equation to solve for the amount of countries there were...

X*6*2*2*2=288

solved for X which came out to be 6 but it was wrong. Can anyone tell what factors I've missed?
 
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  • #2
Are you distinguishing between common stocks and preferred stocks in your counting?
 
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  • #3
O there we go thanks.
 

FAQ: Number of possible choices (stats)

What is the meaning of "number of possible choices" in statistics?

The number of possible choices in statistics refers to the total number of options or outcomes that can occur in a given scenario or experiment. It is a fundamental concept in statistics and is used to analyze and interpret data.

How is the number of possible choices calculated?

The number of possible choices is calculated by using the formula n!/(n-r)! where n is the total number of items and r is the number of items chosen. This is known as the combination formula and is used to determine the number of ways in which a specific number of items can be selected from a larger set.

Can the number of possible choices vary in different situations?

Yes, the number of possible choices can vary depending on the specific situation or experiment. For example, the number of possible outcomes in a coin toss is 2, while the number of possible outcomes in a roll of a dice is 6. It is important to consider the context and variables involved when calculating the number of possible choices.

How does the number of possible choices affect the outcome of statistical analysis?

The number of possible choices can have a significant impact on the outcome of statistical analysis. It can affect the probability of certain outcomes, as well as the overall accuracy and reliability of the results. It is crucial to consider the number of possible choices when conducting statistical analysis to ensure valid and meaningful conclusions.

What are some real-world examples of the number of possible choices in statistics?

Some real-world examples of the number of possible choices in statistics include the number of possible outcomes in a game of chance (such as rolling a dice or flipping a coin), the number of possible combinations in a lottery, and the number of possible configurations in a genetic code. It is a fundamental concept in various fields such as economics, psychology, and biology.

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