a. What is the probability that all three projects will come in under budget? b. What is the probability that none of the projects will come in under budget?
a. What is the probability that all three projects will come in under budget? b. What is the probability that none of the projects will come in under budget?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![1. An account manager for a company that provides technical consulting for financial institutions has just begun projects for three different clients: AmEx, Bank of India, and Canara Bank. Based on her research, she estimates each project’s probability of coming in under budget as 30%, 40%, and 20%, respectively. Assume each project’s outcome is independent of the other projects’ outcomes.
a. What is the probability that all three projects will come in under budget?
b. What is the probability that none of the projects will come in under budget?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F31953297-bd48-4aa2-9803-834dc706af1b%2F7f15e552-1ac1-4edc-b377-3aa866037be4%2Fr2ztk7q_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. An account manager for a company that provides technical consulting for financial institutions has just begun projects for three different clients: AmEx, Bank of India, and Canara Bank. Based on her research, she estimates each project’s probability of coming in under budget as 30%, 40%, and 20%, respectively. Assume each project’s outcome is independent of the other projects’ outcomes.
a. What is the probability that all three projects will come in under budget?
b. What is the probability that none of the projects will come in under budget?
Expert Solution
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Step 1
It is given that the projects for three different clients. Each project’s outcome is independent of the other projects’ outcomes.
P( AmEx ) = 30% = 0.30
P( Bank of India ) = 40% = 0.40
P( Canara bank ) = 20% = 0.20
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