SOLUTION: Based on past data, approximately 30% of the oil wells drilled in areas having a certain favorable geological formation have struck oil. A company has identified 5 locations that

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Question 1115952: Based on past data, approximately 30% of the oil wells drilled in areas having a certain
favorable geological formation have struck oil. A company has identified 5 locations that
possess this information. Assuming that the chance of striking oil on any location is
independent of any others, calculate the probability that exactly 2 of the 5 wells strike oil.
Found 2 solutions by stanbon, kasach:
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Based on past data, approximately 30% of the oil wells drilled in areas having a certainfavorable geological formation have struck oil. A company has identified 5 locations that possess this information. Assuming that the chance of striking oil on any location is independent of any others, calculate the probability that exactly 2 of the 5 wells strike oil.
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Binomial Problem with n = 5 and p = 0.3
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Ans:: P(x = 2) = 5C2*0.3^2*0.7^3 = binompdf(5,0.3,2) = 0.3087
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Cheers,
Stan H.
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Answer by kasach(1) About Me  (Show Source):
You can put this solution on YOUR website!
n=5 x=2
p=0.3
q=0.7
P(x) = n! * p^x * q^(n-x)
x! (n-x)!
P (x=2) = 5! * 〖0.3〗^2 * 〖0.7〗^(5-2)
2! (5-2)!
P (x=2) = 5 *4*3*2*1 * 〖0.3〗^2 * 〖0.7〗^3
2*1(3)!
P (x=2) = 10 * 0.09 * 0.343

= 0.3087