Question 516515: 2. Approximately 20% of the 200 independent lumber retailers in North Idaho accept American Express. In a sample of 50 stores selected at random, what is the probability that more than 27% of the stores will accept American Express?
I need to see the proper formula for this problem. I am completely baffled as to where i should start.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Approximately 20% of the 200 independent lumber retailers in North Idaho accept American Express. In a sample of 50 stores selected at random, what is the probability that more than 27% of the stores will accept American Express?
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More than 27% of 50 is at least 14
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P(14 <= x <= 50) = 1-binomcdf(50,0.2,13) = 0.1106
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Cheers,
Stan H.
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