SOLUTION: An electronics firm believes that 70% of the new products they market will be successful. if the company markets 80 products in the next 5 years, find the probability that in that

Algebra.Com
Question 925371: An electronics firm believes that 70% of the new products they market will be successful. if the company markets 80 products in the next 5 years, find the probability that in that time:
A) at least 60 products will be successful
B) at most 50 products will be successful.
C) between 55 and 59 products, inclusive, will be successful.

Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
p(successful) = .70, n = 80
Re TY, You need a Calculator for cumulative Probabilities,,,YOurs or on-line
Can Recommend stattrek.com as an excellent reference
......
Using a TI calculator 0r similarly a Casio fx-115 ES plus
......
P(x ≥ 60) = 1 - binomcdf(80, .70, 59) = 1 - .8022
P(x ≤ 50) = binomcdf(80, .70, 50) = .0916
P( 55 ≤ x ≤ 59) = binomcdf(80, .70 59) - binomcdf(80, .70 54) = .8022-.3521

RELATED QUESTIONS

A company is considering producing some new products. Based on past records, management... (answered by CPhill)
A company is considering producing some new products. Based on past records, management... (answered by CPhill)
an electronics firm is planning to market a new graphing calculator. the fixed costs are... (answered by josmiceli)
An electronics firm is planning to market a new graphing calculator. The fixed costs are... (answered by Theo)
A student is graduating from their university and has applied to jobs at company A and B. (answered by rothauserc)
Company ABC estimates the net profit on a new product it is launching to be Rs. 3,000,000 (answered by CPhill)
In problem 2–42, suppose that American investment institutions enter this new market,... (answered by mathmate)
Its several months before Christmas - New Year’s holiday season. Wholesalers for... (answered by Theo)
There were 14,001 new products introduced last year. If 80​% of the products introduced (answered by josmiceli)