Question 228437: Fourteen percent of workers believe they will need less than $250,000 when they retire.You randomly select 10 workers and ask each how much money he or she thinks they will need for retirement .find the probability that the number of workers who say they will need less than $250,000 when they retire is a)exactly two b)more than 6,and c)at most five
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Fourteen percent of workers believe they will need less than $250,000 when they retire.You randomly select 10 workers and ask each how much money he or she thinks they will need for retirement .
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It's binomial with n=10 ; p = 0.14
find the probability that the number of workers who say they will need less than $250,000 when they retire is
a)exactly two
Ans: binompdf(10,0.14,2) = 0.2639..
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b)more than 6
Ans: 1 - binomcdf(10,0.14,6) = 0.00008556...
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c)at most five
Ans: binomcdf(10,0.14,5) = 0.9990..
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Cheers,
Stan H.
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