A real estate agent has four houses to sell before the end of the month by contacting prospective customers one by one. Each customer has an independent 0.24 probability of buying a house on being contacted by the agent. a. If the agent has enough time to contact only 15 customers, how confident can she be of selling all four houses within the available time? b. If the agent wants to be at least 70% confident of selling all the houses within the available time, at least how many customers should
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A real estate agent has four houses to sell before the end of the month by
contacting
prospective customers one by one. Each customer has an independent
0.24
a.
If the agent has enough time to contact only 15 customers, how confident
can she be of selling all four houses within the available time?
b.
If the agent wants to be at least 70% confident of selling all the houses
within the available time, at least how many customers should she con-
tact? (If necessary, extend the template downward to more rows.)
c.
What minimum value of p
will yield 70% confidence of selling all four
houses by contacting at most 15 customers?
d.
To answer (c) above more thoroughly, tabulate the confidence for p
values
ranging from 0.2 to 0.6 in steps of 0.05
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