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In a binomial situation n 5 and p .40. Determine the ...

Resolved Question:

In a binomial situation n = 5 and p = .40. Determine the probabilities of the following events using the binomial formula.
a.) x = 1
b.) x = 2


Optional Information:
Orlando, Florida






Submitted: 10 years ago.
Category: Finance
Expert:  Ryan replied 10 years ago.

a) 0.2592 or 25.92%


(5 C 1) .4 ^ 1(1-.4)^(5-1)


b) 0.3456 or 34.56%


(5 C 2) .4 ^ 2(1-.4)^(5-2)


This can be verified when you add up the probability of all 6 possibilities, x = 0, x = 1, ... x = 5. They should equal 1, and they do


x = 0


.0777


x = 3


.2304


x = 4


.0768


x=5


.0102


.0777 + .2592 + .3456 + .2304 +.0768 + .0102 = 1


Thanks,


Ryan

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