(a) what is the probability that the fund manager will have 8 or more good years out of 10 years? (b) if there are 1000 such fund managers, about how many would you expect to have at least 8 or more "good" years out of 10 years?

(a) what is the probability that the fund manager will have 8 or more good years out of 10 years? (b) if there are 1000 such fund managers, about how many would you expect to have at least 8 or more "good" years out of 10 years?

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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Assume that a fund manager has no idea what he/she is doing and is esentially flipping a coin in order to make decisions. Let's say it's a 50/50 proposition that he/she will have a "good" year (i.e., do better than the market rate of return). (a) what is the probability that the fund manager will have 8 or more good years out of 10 years? (b) if there are 1000 such fund managers, about how many would you expect to have at least 8 or more "good" years out of 10 years?

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