What is binomial probability? What are 3 conditions for binomial probability? (the answer for this question should come preferably from the textbook; chapter 6)What are 2 business applications of binomial probability? (the answer to this question can come either from textbook or from online resources; however, you must present the idea in your own words, instead of copy pasting)Find binomial probability if:x = 8, n = 10, p = 0.7x= 3, n=5, p = 0.3x = 4, n=7, p = 0.6Quality Control: A factory produces light bulbs with a 2% defect rate. If a random sample of 20 bulbs is tested, what is the probability that exactly 2 bulbs are defective? (hint: p=2% or 0.02; x =2, n=20; use the same logic for the following problems)Marketing Campaign: A marketing company sends out 1,000 promotional emails. The probability of any email being opened is 0.15. What is the probability that exactly 150 emails will be opened? (hint: total emails or n=1000, x =150)Customer Satisfaction: A survey shows that 70% of customers are satisfied with a new product. Out of 10 randomly selected customers, what is the probability that at least 8 are satisfied? (hint: One of the keyword in this question is “at least 8”, it is not “exactly 8”, the correct formula for this should be = 1- (binom.dist(7, 10, 0.7, TRUE)). The part in the princess will give you the probability of seven and less than seven. When you subtract it from 1, that will give you the probability of at least eight, means eight and greater than eight)Hiring Process: In a company’s hiring process, the probability of a candidate being hired after an interview is 0.3. What is the probability that out of 5 interviewed candidates, exactly 3 will be hired?Loan Approval: The probability of a loan application being approved is 0.6. If 7 applications are submitted, what is the probability that exactly 4 are approved? xBinomial Prob.nPAnswer8100.7350.3470.62200.0215010000.157100.7350.3470.6Poisson Probabilityxlambda3221.5121053743221.51210Answer

Binomial probability refers to the probability of obtaining exactly x successes in n independent…

Answered: x Binomial Prob. n P Answer 8 10 0.7 3…

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CR: Chapter Review

Problem 77E

Related questions

Question

What is binomial probability? What are 3 conditions for binomial probability? (the answer for this question should come preferably from the textbook; chapter 6)
What are 2 business applications of binomial probability? (the answer to this question can come either from textbook or from online resources; however, you must present the idea in your own words, instead of copy pasting)

Find binomial probability if:

x = 8, n = 10, p = 0.7
x= 3, n=5, p = 0.3
x = 4, n=7, p = 0.6
Quality Control: A factory produces light bulbs with a 2% defect rate. If a random sample of 20 bulbs is tested, what is the probability that exactly 2 bulbs are defective? (hint: p=2% or 0.02; x =2, n=20; use the same logic for the following problems)
Marketing Campaign: A marketing company sends out 1,000 promotional emails. The probability of any email being opened is 0.15. What is the probability that exactly 150 emails will be opened? (hint: total emails or n=1000, x =150)
Customer Satisfaction: A survey shows that 70% of customers are satisfied with a new product. Out of 10 randomly selected customers, what is the probability that at least 8 are satisfied? (hint: One of the keyword in this question is “at least 8”, it is not “exactly 8”, the correct formula for this should be = 1- (binom.dist(7, 10, 0.7, TRUE)). The part in the princess will give you the probability of seven and less than seven. When you subtract it from 1, that will give you the probability of at least eight, means eight and greater than eight)
Hiring Process: In a company’s hiring process, the probability of a candidate being hired after an interview is 0.3. What is the probability that out of 5 interviewed candidates, exactly 3 will be hired?
Loan Approval: The probability of a loan application being approved is 0.6. If 7 applications are submitted, what is the probability that exactly 4 are approved?

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