Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850 more than 16 out of 20 business days. What is the expected (mean) number of business days for which the store would gross over $850 in a month (30 days)?
Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850 more than 16 out of 20 business days. What is the expected (mean) number of business days for which the store would gross over $850 in a month (30 days)?
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
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Trevor is interested in purchasing the local hardware/electronic goods store in a small town in South Ohio. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850 more than 16 out of 20 business days. What is the expected (mean) number of business days for which the store would gross over $850 in a month (30 days)?
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