Jay took out a small-business loan for 210,000. The terms of the loan are 5% annual interest for four years.
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Using the binomial distribution, it is found that there is a 0.857 = 85.7% probability that at least 2 of the rolls come up as a 3 or a 4.
For each die, there are only two possible outcomes, either a 3 or a 4 is rolled, or it is not. The result of a roll is independent of any other roll, hence, the <em>binomial distribution</em> is used to solve this question.
Binomial probability distribution
The parameters are:
- x is the number of successes.
- n is the number of trials.
- p is the probability of a success on a single trial.
In this problem:
- There are 9 rolls, hence
.
- Of the six sides, 2 are 3 or 4, hence
The desired probability is:
In which:
Then
Then:
0.857 = 85.7% probability that at least 2 of the rolls come up as a 3 or a 4.
For more on the binomial distribution, you can check brainly.com/question/24863377