39.9% of consumers believe that cash will be obsolete in the next 20 years. Assume that 6 consumers are randomly selected. Find the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 2 years.

39.9% of consumers believe that cash will be obsolete in the next 20 years. Assume that 6 consumers are randomly selected. Find the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 2 years.

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 50E: Medicine Out of a group of 9 patients treated with a new drug, 4 suffered a relapse. Find the...

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$Given consumers believe that cash will be obsolete in the next 20 years (p) = 0.399 sample size (n) = 6 Let " x " be the consumers believe that cash will be absolute in the next 2 years x ~ Binomial (n = 6, p = 0.399) P (X = x) = (\begin{matrix} n \\ x \end{matrix}) \times p^{x} \times {(1 - p)}^{n - x}; x = 0, 1, . . . ., n P (X = x) = (\begin{matrix} 6 \\ x \end{matrix}) \times 0 . 399^{x} \times {(1 - 0.399)}^{6 - x}$

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