You may need to use the appropriate technology to answer this question. A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small business failures. If the mean number of small business failures per month is 12, what is the probability that exactly 3 small businesses will fail during a given month? Assume that the probability of a failure is the same for any two months and that the occurrence or nonoccurrence of a failure in any month is independent of failures in any other month. (Round your answer to four decimal places.)
You may need to use the appropriate technology to answer this question. A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small business failures. If the mean number of small business failures per month is 12, what is the probability that exactly 3 small businesses will fail during a given month? Assume that the probability of a failure is the same for any two months and that the occurrence or nonoccurrence of a failure in any month is independent of failures in any other month. (Round your answer to four decimal places.)
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....
Related questions
Question
100%
please answer fast i give upvote
Transcribed Image Text:31
IP
mi
You may need to use the appropriate technology to answer this question.
A regional director responsible for business development in the state of Pennsylvania is concerned about the number of small
business failures. If the mean number of small business failures per month is 12, what is the probability that exactly 3 small
businesses will fail during a given month? Assume that the probability of a failure is the same for any two months and that the
occurrence or nonoccurrence of a failure in any month is independent of failures in any other month. (Round your answer to four
decimal places.)
361 Cour
bject- Part
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 5 images
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Calculus For The Life Sciences
Calculus
ISBN:
9780321964038
Author:
GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:
Pearson Addison Wesley,