A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N? a. The probability that N is greater than 40 is around 0.89. b. The probability that N equals 101 is around 0.14. c. The probability that N is greater than 50 is around 0.77. d. The probability that N is less than 75 is around 0.69.

A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N? a. The probability that N is greater than 40 is around 0.89. b. The probability that N equals 101 is around 0.14. c. The probability that N is greater than 50 is around 0.77. d. The probability that N is less than 75 is around 0.69.

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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