Inventing is a difficult way to make money. Only 5% of new patents earn a substantial profit. A certain city has just had 30 independent new patents recorded. a) What is the probability that at least 2 of these new patents will earn a substantial profit? b) Justify an appropriate simplified approximate method for answering the question in a), carry it out, and compare the two answers.

Inventing is a difficult way to make money. Only 5% of new patents earn a substantial profit. A certain city has just had 30 independent new patents recorded. a) What is the probability that at least 2 of these new patents will earn a substantial profit? b) Justify an appropriate simplified approximate method for answering the question in a), carry it out, and compare the two answers.

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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