3. Solve the following problem: Choose your numbers for N and x. These values for N and x must be original. They must be different than the values chosen by your classmates. About 40% of adults in United States have a college degree. Thus, the probability that a person has a college degree is p = 0.40. If N adults are randomly select

3. Solve the following problem: Choose your numbers for N and x. These values for N and x must be original. They must be different than the values chosen by your classmates. About 40% of adults in United States have a college degree. Thus, the probability that a person has a college degree is p = 0.40. If N adults are randomly select

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Forecasting in Business

Forecasting is the process of predicting the future based on the past and the present data and circumstances. In other words, forecasting is the act of making a detailed analysis of future events based on the decisions made in the past as well as the present. Forecasting plays a very important role in operational management as it helps in planning and decision-making. It is not only important for the success of a business but also contributes to individual growth and success. Many business organizations or companies have failed due to the shortcomings of their forecasting.

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3. Solve the following problem:

Choose your numbers for N and x. These values for N and x must be original. They must be different than the values chosen by your classmates.

About 40% of adults in United States have a college degree. Thus, the probability that a person has a college degree is p = 0.40. If N adults are randomly selected, find probabilities that

a) exactly x out of selected N adults have a college degree,

b) less than x out of selected N adults have a college degree, and

c) greater than x out of selected N adults have a college degree.

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