A company is tendering for 6 new contracts. Penalties will be applied if any of the contracts are not completed on time. The cost due to not completing a contract on time must be accounted for in the tender price. In recent years, this company has completed 20 similar contracts, of which 2 were not completed on time. Assuming that the proportion of contracts that are completed on time remains constant and follows a Binomial distribution, (1) O Calculate the probability that all 6 of the new contracts are completed on time. (i) Calculate the probability that none of the new contracts are completed on time. (i) Calculate the probability that fewer than 5 of the new contracts are completed on time.

A company is tendering for 6 new contracts. Penalties will be applied if any of the contracts are not completed on time. The cost due to not completing a contract on time must be accounted for in the tender price. In recent years, this company has completed 20 similar contracts, of which 2 were not completed on time. Assuming that the proportion of contracts that are completed on time remains constant and follows a Binomial distribution, (1) O Calculate the probability that all 6 of the new contracts are completed on time. (i) Calculate the probability that none of the new contracts are completed on time. (i) Calculate the probability that fewer than 5 of the new contracts are completed on time.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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