SOLUTION: Of 41 bank accounts at small bank, 21 accounts have values of less than $1000 and the rest have values of at least $1000. Suppose 5 accounts are randomly sampled.
What is the p
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-> SOLUTION: Of 41 bank accounts at small bank, 21 accounts have values of less than $1000 and the rest have values of at least $1000. Suppose 5 accounts are randomly sampled.
What is the p
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Question 945044: Of 41 bank accounts at small bank, 21 accounts have values of less than $1000 and the rest have values of at least $1000. Suppose 5 accounts are randomly sampled.
What is the probability that exactly 4 of the 5 accounts have values of at least $1000?
Please show how you came up with your answer!!! Thanks
You can put this solution on YOUR website! The probability of an account having less than $1000 is
So the probability of an account having at least $1000 is
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Choosing 5 at random and having exactly 4 at least $1000 (Y) and 1 less than $1000 (X), gives you 5 possible outcomes.
XYYYY
YXYYY
YYXYY
YYYXY
YYYYX
So then the probability would be,
