Answer:
3.07% probability that the third oil strike comes on the fifth well drilled.
Step-by-step explanation:
For each oil drill, there are only two possible outcomes. Either there is a strike, or there is not. The probability that oil is striken in a trial is independent of other trials. So we use the binomial probability distribution to solve this question.
Binomial probability distribution
The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.
In which is the number of different combinations of x objects from a set of n elements, given by the following formula.
And p is the probability of X happening.
Strike oil with probability 0.20.
This means that
Find the probability that the third oil strike comes on the fifth well drilled.
2 strikes on the first four drills(P(X = 2) when n = 4) and strike on the fifth(0.2 probability).
0.2*0.1536 = 0.0307
3.07% probability that the third oil strike comes on the fifth well drilled.