SOLUTION: Question 1
A telemarketing company that sells homeowner insurance has found that 15% of
all calls made to households lead to a sale of a homeowner insurance policy.
Assume that
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A telemarketing company that sells homeowner insurance has found that 15% of
all calls made to households lead to a sale of a homeowner insurance policy.
Assume that
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Question 1178413: Question 1
A telemarketing company that sells homeowner insurance has found that 15% of
all calls made to households lead to a sale of a homeowner insurance policy.
Assume that each call is independent of all other calls.
(a) Find the probability that no sales result from 12 calls.
(b) What is the likelihood that fewer than three homeowner policies are sold in
15 calls? Answer by ikleyn(52803) (Show Source):
You can put this solution on YOUR website! Question 1
A telemarketing company that sells homeowner insurance has found that 15% of
all calls made to households lead to a sale of a homeowner insurance policy.
Assume that each call is independent of all other calls.
(a) Find the probability that no sales result from 12 calls.
(b) What is the likelihood that fewer than three homeowner policies are sold in
15 calls?
~~~~~~~~~~~~~~~~~
(a) P = = = 0.142242 = 14.22%. ANSWER
(b) It is a binomial distribution probability problem.
- number of trials n = 15;
- number of success trial k < 3;
- Probability of success on a single trial p = 0.15.
We need calculate P(n=15; k < 3; p=0.15).
To facilitate calculations, I use an appropriate online (free of charge) calculator at this web-site
https://stattrek.com/online-calculator/binomial.aspx
It provides nice instructions and a convenient input and output for all relevant options/cases.
P(n=15; k < 3; p=0.15) = 0.6042, or 60/42% (rounded). ANSWER
