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An oil company estimates that only 1 well in 24 will yield commercial quantities of oil. Assume that successful drilled wells represent independent events. If 12 wells are drilled, find the probability of obtaining a commercially successful well for the following number of times. (Round your answer to six decimal places.)exactly 3

Question

An oil company estimates that only 1 well in 24 will yield commercial quantities of oil. Assume that successful drilled wells represent independent events. If 12 wells are drilled, find the probability of obtaining a commercially successful well for the following number of times. (Round your answer to six decimal places.)

exactly 3
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Step 1

According to the provided data, the number of trials, n is 12. An oil company estimates that only 1 well in 24 will yield comme...

1
24
q 1-p
1
=1-
24
23
24
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1 24 q 1-p 1 =1- 24 23 24

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