14. Work needed to solve the problem: April can buy a package of 10 folders for $1.20 or a package of 8 folders for $1.12. What
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Using the binomial distribution, it is found that there is a 0.0116 = 1.16% probability that exactly 4 out of the first 14 customers buy a magazine.
<h3>What is the binomial distribution formula?</h3>The formula is:
The parameters are:
- x is the number of successes.
- n is the number of trials.
- p is the probability of a success on a single trial.
In this problem:
- 7% of his customers buy a magazine, hence p = 0.07.
- A sample of 14 customers is taken, hence n = 14.
The probability that exactly 4 out of the first 14 customers buy a magazine is P(X = 4), hence:
0.0116 = 1.16% probability that exactly 4 out of the first 14 customers buy a magazine.
More can be learned about the binomial distribution at brainly.com/question/24863377