Answer: the probability that exactly 2 buyers would prefer red is 0.0320
Step-by-step explanation:
We would assume a binomial distribution for the color preferences of new car buyers. The formula is expressed as
P(x = r) = nCr × p^r × q^(n - r)
Where
x represent the number of successes.
p represents the probability of success.
q = (1 - r) represents the probability of failure.
n represents the number of trials or sample.
From the information given,
p = 40% = 40/100 = 0.4
q = 1 - p = 1 - 0.4
q = 0.6
n = 14
x = r = 2
Therefore,
P(x = 2) = 14C2 × 0.4^2 × 0.6^(14 - 2)
P(x = 2) = 91 × 0.16 × 0.0022
P(x = 2) = 0.0320
