Answer:
$39,851.25
Step-by-step explanation:
If the sales increase at a rate of 9% per year, this means it will be 109% of the previous year's value since 100% + 9% = 109%
109% in decimal form = 109/100 = 1.09
Therefore, the exponential function is:
, where
is the number of years
So when ,
After 8 years, annual sales = $39,851.25
Using the binomial distribution, it is found that there is a:
a) 0.9298 = 92.98% probability that at least 8 of them passed.
b) 0.0001 = 0.01% probability that fewer than 5 passed.
For each student, there are only two possible outcomes, either they passed, or they did not pass. The probability of a student passing is independent of any other student, hence, the binomial distribution is used to solve this question.
<h3>What is the binomial probability distribution formula?</h3>The formula is:
The parameters are:
In this problem:
Item a:
The probability is:
In which:
Then:
0.9298 = 92.98% probability that at least 8 of them passed.
Item b:
The probability is:
Using the binomial formula, as in item a, to find each probability, then adding them, it is found that:
Hence:
0.0001 = 0.01% probability that fewer than 5 passed.
You can learn more about the the binomial distribution at brainly.com/question/24863377