Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.)(a) at least 3 out of 5 business days(b) at least 6 out of 10 business days(c) fewer than 5 out of 10 business days(d) fewer than 6 out of the next 20 business days.

a.0.6826

b.0.6330

c.0.1663

d.0.0016

Step-by-step explanation:

a. The business sale's follows a binomial distribution which is defined by the formula:

To find the probability of at least 3 out of 5, we sum the probabilities of 3 through 5:

Hence the probability of at least 3/5 days is 0.6826

b. The probability of the store grossing over $850 on at least 6/10 business days follows a binomial distribution.

-Given n=10, p=0.6, our distribution can be expressed as:

Hence the probability of at least 6 out of 10 days is 0.6330

c. The probability of the store grossing over $850 being fewer than 5 out of10 days:

Our variables are defined as n=10,p=0.6 and our distribution expressed as:

Hence there's a 0.1663 probability that fewer than 5/10 days grossed over $850.

d.The probability of the store grossing over $850 being fewer than 6 out of 20 days:

Our variables are defined as n=20,p=0.6 and our distribution expressed as:

Hence there's a 0.0016 probability that fewer than 6/20days grossed over $850.

answer:

step-by-step explanation: