A person making calls to sell insurance has a 0.15 probability of success. If th

Question

A person making calls to sell insurance has a 0.15 probability of success. If that person makes 20 calls in a day, what is the probability they will have at least 4 successful calls? Assume binomial variable.

A person making calls to sell insurance has a 0.15 probability of success. If that person makes 20 calls in a day, what is the probability they will have at least 4 successful calls? Assume binomial variable.

The following chart shows the probability of time it will take to finish a project and the amount of profit expected if the project is completed in that time. What is the expected value of the profit from this project?

Explanation / Answer

1) the probability of success = 0.15

the probability of failure = 0.85

probability ( atleast 4 success) = 1 - {P(0)+P(1)+P(2)+P93)}

P(0) = 0.85^20 = 0.038

P(1) = 20C1*(0.15)^1*(0.85)^19 = 0.136

P(2) = 20C2*(0.15)^2*(0.85)^18 = 0.229

P(3) = 20C3*(0.15)^3*(0.85)^17 = 0.242

HENECE P(ATLEAST 4 ) = 1 - 0.645 = 0.355

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