Comparing and Extending Ratios
1 answer:
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Answer:
The expected number of contracts the sales representative will get this week is 5.22
Step-by-step explanation:
For each client, there are only two possible outcomes. Either there is a sales contract, or there is not. The probability of having a sale contract with each client is independent of other clients. So we use the binomial probability distribution to solve this problem.
Binomial probability distribution
Probability of exactly x sucesses on n repeated trials, with p probability.
The expected value of the binomial distribution is:
In this problem, we have that:
What is the expected number of contracts the sales representative will get this week?
The expected number of contracts the sales representative will get this week is 5.22