SOLUTION: Suppose that houses in La Jolla area are sold at a rate of 1.02 per day, and
that on average, 13.3% of the houses sold are built in the first half of 1963 or earlier (we will
cal
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Probability-and-statistics
-> SOLUTION: Suppose that houses in La Jolla area are sold at a rate of 1.02 per day, and
that on average, 13.3% of the houses sold are built in the first half of 1963 or earlier (we will
cal
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Question 914178: Suppose that houses in La Jolla area are sold at a rate of 1.02 per day, and
that on average, 13.3% of the houses sold are built in the first half of 1963 or earlier (we will
call such houses “old” ).
Real estate agent Sally has noticed that the numbers of houses, old and new, and the
numbers of buyers and sellers in the market, are very large compared to the number of
sales that typically occur in a month. Therefore she adopts the following mathematical
modeling assumptions: Ages of houses sold are independent of one another, and the number
of sales, and the time until the next sale, are independent across time periods. Based on
these assumptions
Find the probability that exactly 1 of the next 7 houses sold will be “old” Answer by ewatrrr(24785) (Show Source):
