"The chance of an IRS audit for a tax return with over $25,000 in income is about 2% per year. We are interested in the expected number of audits a person with that income has in a 12-year period. Assume each year is independent"I need help with the following questions:Find the probability that a person is not audited at all. (answer has to be rounded to four decimal places.)Find the probability that a person is audited more than twice. (answer has to be rounded to four decimal places.)please explain it to me step by step so I can understand

Given information- We have given a problem of the binomial distribution. Probability of audits, p =…

Answered: "The chance of an IRS audit for a tax…

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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"The chance of an IRS audit for a tax return with over $25,000 in income is about 2% per year. We are interested in the expected number of audits a person with that income has in a 12-year period. Assume each year is independent"

I need help with the following questions:

Find the probability that a person is not audited at all. (answer has to be rounded to four decimal places.)
Find the probability that a person is audited more than twice. (answer has to be rounded to four decimal places.)

please explain it to me step by step so I can understand

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