document.write( "Question 914178: Suppose that houses in La Jolla area are sold at a rate of 1.02 per day, and
\n" ); document.write( "that on average, 13.3% of the houses sold are built in the first half of 1963 or earlier (we will
\n" ); document.write( "call such houses “old” ).
\n" ); document.write( "Real estate agent Sally has noticed that the numbers of houses, old and new, and the
\n" ); document.write( "numbers of buyers and sellers in the market, are very large compared to the number of
\n" ); document.write( "sales that typically occur in a month. Therefore she adopts the following mathematical
\n" ); document.write( "modeling assumptions: Ages of houses sold are independent of one another, and the number
\n" ); document.write( "of sales, and the time until the next sale, are independent across time periods. Based on
\n" ); document.write( "these assumptions
\n" ); document.write( "Find the probability that exactly 1 of the next 7 houses sold will be “old” \n" ); document.write( "

Algebra.Com's Answer #554906 by ewatrrr(24785) $\"\"$ $\"About$

You can put this solution on YOUR website!
p(sold) = .133, n = 7
\n" ); document.write( "P(x=1) = binompdf(7, .133, 1) Or 7C1(.133)^1(.867)^6 \n" ); document.write( "

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