SOLUTION: An insurance company has discovered that only about 0.1% of the population is involved in a certain type of accident each year. If its 10000 policy holders were randomly selected f
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Question 236368: An insurance company has discovered that only about 0.1% of the population is involved in a certain type of accident each year. If its 10000 policy holders were randomly selected from the population, what is the probability that not more than 5 of its clients are involved in such an accident next year?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An insurance company has discovered that only about 0.1% of the population is involved in a certain type of accident each year. If its 10000 policy holders were randomly selected from the population, what is the probability that not more than 5 of its clients are involved in such an accident next year?
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It's binomial with n=10000, p = 0.001, and 0<=x<=5
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I used a TI calculator and got binomcdf(10000,0.001,5) = 0.06699
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Cheers,
Stan H.
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