SOLUTION: An insurance agent has appointments with four prospective clients tomorrow. From past experience, the agent knows that the probability of making a sale on any appointment is1 out o
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Question 189825: An insurance agent has appointments with four prospective clients tomorrow. From past experience, the agent knows that the probability of making a sale on any appointment is1 out of 5. Using the rules of probability, what is the likelihood that the agent will sell a policy to 3 of the 4 prospective clients?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An insurance agent has appointments with four prospective clients tomorrow. From past experience, the agent knows that the probability of making a sale on any appointment is 1 out of 5. Using the rules of probability, what is the likelihood that the agent will sell a policy to 3 of the 4 prospective clients?
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It's binomial with n=4, p=1/5, x = 3
Can you take it from there?
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Cheers,
Stan H
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