SOLUTION: 65% 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&#82

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Question 1057501: 65% 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.
Answer by rothauserc(4718)   (Show Source): You can put this solution on YOUR website!
For this problem, we use the binomial probability(Pr) formula
:
Pr of success is 0.65, n=8, k=5 (number of successes)
:
Pr( k = 5) = 8C5 * (0.65)^5 * (1-0.65)^(8-5) where 8C5 is the combination of 8 things taken 5 at a time
:
a) Pr ( k = 5 ) = 0.2785 approx 0.28
:
b) Pr ( k > 5 ) = 0.4278 approx 0.43
:
c) Pr ( k < or = 5 ) = 0.57
:
Note for b we have to calculate Pr(k=6) + Pr(k=7) + Pr(k=8)
Note for c we have to calculate 1 - answer for b
:
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