CFA Level 1 Exam
Question No. 1
The marketing department of a nationally known cereal maker plans to conduct a national survey to find out
whether or not consumers of flake cereals can distinguish one of their favorite flake cereals. To test the
questionnaire and procedure to be used, eight persons were asked to cooperate in an experiment. Five very
small bowls of flake cereals were placed in front of a person. The bowls were labeled A, B, C, D, and E. The
person was informed that only one bowl contained his or her favorite flake cereal. Suppose that the eight
persons in the experiment were unable to identify their favorite cereal and just guessed which bowl it was in.
What is the probability that none of the eight guessed correctly?
Choose the correct option from the given list.
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