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Find the probability under Binomial distribution.

Hardware Store: Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store would gross over $850.

a. At least 3 out of 5 business days.

b. At least 6 out of 10 business days.

c. Fewer than 5 out of 10 business days.

d. Fewer than 6 out of the next 20 business days. If this actually happened, might it shake your confidence in the statement p = 0.60? Might it make you suspect that p is less than 0.60? describe.

e. More than 17 out of the next 20 business days. If this essentially happened, may you suspect that p is greater than 0.60? Give details.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M923138

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