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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
The change in value was 8% which amounts to $1630
Further explanation:
The change in value is calculated by using the initial price and selling price of the car.
Given
Purchase Price = P = $21330
Selling Price = S = $19700
As the selling price is less than the purchase price, Cindy had loss.
Percentage of loss will be calculated as:
The change in value was 8% which amounts to $1630
Keywords: Loss, Percentage loss
Learn more about profit and loss at:
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