The following 4 questions (Q1 to 04) are based on the following information: You and your friends have decided to go to The Kentucky Derby. There are 12 horses in the race. How many ways can the horses come in first, second, or third? Steps for Calculation: Q1: Is this an example of a combination or a permutation? Q2: What is N? Q3: What is r? Q4: What is the calculated value for this example? The following 4 questions (Q5 to (8) are based on the following information: You have 16 friends that you want to invite to dinner. However, you dining room table only seats 6 people. Since, you will take up one seat, you can only have five friends at one time. How many different groups of guests can you have? Steps for Calculation: Q5: Is this an example of a combination or a permutation? Q6: What is N? Q7: What is r? Q8: What is the calculated value for this example