A First Course in Probability (10th Edition)
10th Edition
ISBN: 9780134753119
Author: Sheldon Ross
Publisher: PEARSON
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A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N?
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