An automotive insurance company has 30,000 policyholders, and the accident rate is 0.06. If the company needs to make a profit o
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Answer:
0.0011 = 0.11% probability of selling less than 3 properties in one week.
Step-by-step explanation:
For each property, there are only two possible outcomes. Either they are sold, or they are not. The chance of selling any one property is independent of selling another property. This means that the binomial probability distribution is used to solve this question.
Binomial probability distribution
The binomial probability is the probability of exactly x successes on n repeated trials, and X can only have two outcomes.
In which is the number of different combinations of x objects from a set of n elements, given by the following formula.
And p is the probability of X happening.
A real estate agent has 17 properties that she shows.
This means that
She feels that there is a 50% chance of selling any one property during a week.
This means that
Compute the probability of selling less than 3 properties in one week.
This is
In which
0.0011 = 0.11% probability of selling less than 3 properties in one week.