SOLUTION: there is a bank failure once every six days, on average. What is the probability of at least one bank failure in the next 30 days?
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Question 280057: there is a bank failure once every six days, on average. What is the probability of at least one bank failure in the next 30 days? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! There is a bank failure once every six days, on average. What is the probability of at least one bank failure in the next 30 days?
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General Rule:
P(at least one) = 1 - P(none)
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Your Problem:
P(at least one bank failure) = 1 - P(no bank failures)
= 1 - (5/6)^6
= 1 - 0.3349
= 0.6651
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Cheers,
Stan H.
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