Suppose that 24% of companies in a certain sector of the economy have announced plans to expand in the next year (and the other 76% will not). In a sample of 8 companies chosen at random from this population. If the random variable X is binomially distributed. Find the probability that the number of companies which have announced plans to expand in the next year will be (i) precisely three, (ii) fewer than three.

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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Suppose that 24% of companies in a certain sector of the economy have announced
plans to expand in the next year (and the other 76% will not). In a sample of 8
companies chosen at random from this population. If the random variable X is
binomially distributed. Find the probability that the number of companies which
have announced plans to expand in the next year will be (i) precisely three, (ii)
fewer than three.
Transcribed Image Text:Suppose that 24% of companies in a certain sector of the economy have announced plans to expand in the next year (and the other 76% will not). In a sample of 8 companies chosen at random from this population. If the random variable X is binomially distributed. Find the probability that the number of companies which have announced plans to expand in the next year will be (i) precisely three, (ii) fewer than three.
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