Thirty percent of households say they would feel secure if they had $50,000 in savings. you randomly select 8 households and ask them if they would feel secure if they had $50,000 in savings. find the probability that the number that say they would feel secure is (a) exactly five, (b) more than five, and (c) at most five

a) 0.04667544

b) 0.01129221

c) 0.98870779

Explanation:

Binomial probability formula :-

, where P(x) is the probability of getting success in x trials, n is the total number of trials and p is the probability of getting success in each trial.

Given : The probability of households say they would feel secure if they had $50,000 in savings = 0.30

Total number of households selected = 8

a) The probability that the number that say they would feel secure is exactly five will be :-

b) The probability that the number that say they would feel secure is more than five :-

c) The probability that the number that say they would feel secure is at most five :-

answer(b) gdp is not affected by

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