Suppose, out of the next 20 customers, the count that will pay with a credit card (X) has a Binomial distribution with parameters n = 20 and p = 0.70. Use the Binomial Excel Spreadsheet to answer: What is the probability that fewer than 15 customers pay by credit card. P(X < 15) =
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![**Binomial Probability Calculation Example**
**Scenario:**
Suppose, out of the next 20 customers, the count that will pay with a credit card (X) has a Binomial distribution with the following parameters:
- \( n = 20 \)
- \( p = 0.70 \)
**Task:**
Use the Binomial Excel Spreadsheet to determine:
- What is the probability that fewer than 15 customers pay by credit card.
In mathematical terms:
\[ P(X < 15) = \]
**Instructions:**
1. **Access the Binomial Excel Spreadsheet** provided.
2. **Insert the Parameters (\( n \) and \( p \))**: Input \( n = 20 \) and \( p = 0.70 \) into the appropriate cells of the spreadsheet.
3. **Calculate \( P(X < 15) \)**: Use the spreadsheet to find the cumulative probability of \( X < 15 \).
4. **Round to 4 Decimal Places**: Ensure that your final answer is rounded to four decimal places.
**Note:**
This task involves using Excel to work with a Binomial distribution, a common statistical method for modeling the number of successes in a fixed number of independent Bernoulli trials, each with the same success probability.
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