**Question: Estimating Probability Using Market Share Data**It is reported that the market share of iPhones is 40% (i.e., 40% of all cell phones are iPhones). Suppose a random sample of 50 people is taken. What is the probability that 25 or more people will have iPhones?**Instructions:**- Answer as a percentage.- Round your answer to two decimal places.**Answer Box:**(Here there is a text box for input)---This problem can be analyzed using concepts from binomial probability, where you calculate the likelihood of a given number of successes (in this case, people having iPhones) in a sample size with a known probability of success.For more learning resources and similar examples, please explore our Probability and Statistics section. Remember to review each step of the calculation to understand how to apply the binomial distribution formula correctly.

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Answered: It is reported that the market share of…

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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It is reported that the market share of iphones is 40%. (i.e. 40% of all cell phones are iphones) Suppose a random sample of 50 people is taken. What is the probability that 25 or more people will have iphones. [Answer as a percentage round 2 decimals]