3) According to a survey, 45% of customers of a grocery store prefer Momtaz tea. Find the probability that in a random sample of 5 customers want to buy tea, the number who will select Momtaz would be: i. None. ii. Exactly 4. iii. At least 3

3) According to a survey, 45% of customers of a grocery store prefer Momtaz tea. Find the probability that in a random sample of 5 customers want to buy tea, the number who will select Momtaz would be: i. None. ii. Exactly 4. iii. At least 3

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter6: Statistical Inference

Section: Chapter Questions

Problem 11P: The president of Doerman Distributors, Inc., believes that 30% of the firm’s orders come from...

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Concept explainers

Present Value

Present value (PV) is defined as the current or present value of all future sums of cash flow or money at a specified rate of return. This rate of return is known as the discounted rate, which is essentially the interest rate, discounted over some time. The expected cash flows are discounted at a discount rate to compute the present value. The higher the discount rate, the higher the future value (FV), but the lower the present value.

Question

3) According to a survey, 45% of customers of a grocery store prefer Momtaz tea. Find
the probability that in a random sample of 5 customers want to buy tea, the number who
will select Momtaz would be:
i. None.
ii. Exactly 4.
iii. At least 3

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