SOLUTION: Assume that hitting oil at one drilling location is independent of another,
and that, in a particular region, the probability of success at any individual location is 0.3. Suppose
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and that, in a particular region, the probability of success at any individual location is 0.3. Suppose
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Question 1150184: Assume that hitting oil at one drilling location is independent of another,
and that, in a particular region, the probability of success at any individual location is 0.3. Suppose the drilling company believes that a venture will
be profitable if the number of wells drilled until the second success occurs
is less than or equal to 7. What is the probability that the venture will be
profitable? Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! probability of first is 0.3
second is 0.7*0.3 or 0.21
third is 0.7*0.7*0.3 or 0.147
fourth is 0.7^3*0.3 or 0.1029
fifth is 0.07203
sixth is 0.0504
seventh is 0.0353
their sum is 0.9476 ANSWER
