From long experience a landlord knows that the probability an apartment in a complex will not be rented is 0.10. There are 20 apartments in the complex, and the rental status of each apartment is independent of the statue of the others. When a minimum of 16 apartments are rented, the landlord can meet all monthly expenses. a) What is the probability that exactly 4 units are unrented? Round to 4 decimal places. b) What is the probability that four or fewer units are unrented? Round to 4 decimal places. c) In any given month, what is the probability that the landlord will not meet the monthly expenses? Round to four decimal places. d) Which probability is more relevant to the landlord in terms of being able to meet monthly expenses
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
From long experience a landlord knows that the
a) What is the probability that exactly 4 units are unrented? Round to 4 decimal places.
b) What is the probability that four or fewer units are unrented? Round to 4 decimal places.
c) In any given month, what is the probability that the landlord will not meet the monthly expenses? Round to four decimal places.
d) Which probability is more relevant to the landlord in terms of being able to meet monthly expenses
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