Question 206540: Backyard Retreats, Inc, sells an exclusive line of pools, hot tubs, and spas. It is located just off the Bee Line Expressway in Orlando, Florida. The owner reports 20% of the customers entering the store will make a purchase of at least $50. Suppose 15 customers enter the store before 10am on a particular Saturday
a) How many of these customers would you expect to make a purchase of at least $50?
b) What is the probability exactly five of these customers make a purchase of at least $50?
c) What is the probability at least five of these customers make a purchase of at least $50?
d) What is the probability at least one customers make a purchase of at least $50?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The owner reports 20% of the customers entering the store will make a purchase of at least $50. Suppose 15 customers enter the store before 10am on a particular Saturday
----------------------
The problem is binomial with p = 0.2, and n= 15
a) How many of these customers would you expect to make a purchase of at least $50?
mean = np = 15*0.2 = 3
------------------------------------
b) What is the probability exactly five of these customers make a purchase of at least $50?
P(x+5) = 15C5(0.2)^5(0.8)10 = 0.1032
----------------------------------------------
c) What is the probability at least five of these customers make a purchase of at least $50?
P(5<=x<=15) = 1-binomcdf(15,0.2,4) = 0.1642
-----------------------------------------------
d) What is the probability at least one customers make a purchase of at least $50?
P(at least one) = 1 - P(none)
= 1 - binompdf(15,0.2,0) = 0.9648
=======================================
Cheers,
Stan H.
|
|
|
