document.write( "Question 1178413: Question 1
\n" ); document.write( "A telemarketing company that sells homeowner insurance has found that 15% of
\n" ); document.write( "all calls made to households lead to a sale of a homeowner insurance policy.
\n" ); document.write( "Assume that each call is independent of all other calls.
\n" ); document.write( "(a) Find the probability that no sales result from 12 calls.
\n" ); document.write( "(b) What is the likelihood that fewer than three homeowner policies are sold in
\n" ); document.write( "15 calls? \n" ); document.write( "

Algebra.Com's Answer #807632 by ikleyn(52805) $\"\"$ $\"About$

You can put this solution on YOUR website!
Question 1
\n" ); document.write( "A telemarketing company that sells homeowner insurance has found that 15% of
\n" ); document.write( "all calls made to households lead to a sale of a homeowner insurance policy.
\n" ); document.write( "Assume that each call is independent of all other calls.
\n" ); document.write( "(a) Find the probability that no sales result from 12 calls.
\n" ); document.write( "(b) What is the likelihood that fewer than three homeowner policies are sold in
\n" ); document.write( "15 calls?
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document.write( "(a)  P =  =  = 0.142242 = 14.22%.      ANSWER\r\n" );
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document.write( "(b)  It is a binomial distribution probability problem.\r\n" );
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document.write( "        - number of trials        n =  15;\r\n" );
document.write( "        - number of success trial k <   3;\r\n" );
document.write( "        - Probability of success on a single trial p = 0.15.\r\n" );
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document.write( "We need calculate  P(n=15; k < 3; p=0.15).      \r\n" );
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document.write( "To facilitate calculations, I use an appropriate online (free of charge) calculator at this web-site \r\n" );
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document.write( "https://stattrek.com/online-calculator/binomial.aspx\r\n" );
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document.write( "It provides nice instructions  and  a convenient input and output for all relevant options/cases.\r\n" );
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document.write( "    P(n=15; k < 3; p=0.15) = 0.6042,   or  60/42% (rounded).       ANSWER\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved.\r
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\n" ); document.write( "\n" ); document.write( "To see a variety similar solved problems, look into the lessons\r
\n" ); document.write( "\n" ); document.write( "    - Simple and simplest probability problems on Binomial distribution \r
\n" ); document.write( "\n" ); document.write( "    - Typical binomial distribution probability problems \r
\n" ); document.write( "\n" ); document.write( "    - How to calculate Binomial probabilities with Technology (using MS Excel) \r
\n" ); document.write( "\n" ); document.write( "    - Solving problems on Binomial distribution with Technology (using MS Excel) \r
\n" ); document.write( "\n" ); document.write( "    - Solving problems on Binomial distribution with Technology (using online solver) \r
\n" ); document.write( "\n" ); document.write( "in this site.\r
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\n" ); document.write( "\n" ); document.write( "After reading these lessons, you will be able to solve such problems on your own, \r
\n" ); document.write( "\n" ); document.write( "which is your PRIMARY MAJOR GOAL visiting this forum (I believe).\r
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