"Fun Life" claims that the probability that a customer comes back every week; P(repeat customer)= 54%....

"Fun Life" claims that the probability that a customer comes back every week; P(repeat customer)= 54%. On May 6th, you randomly selected 10 customers from the store. Create a probability distribution table for the Binomial probability that the customer is a repeat customer.

	Fun Life	Strange Love
9/2/19	$ 10,499.94	$ 15,602.13
9/9/19	$ 12,570.94	$ 15,266.79
9/16/19	$ 3,005.02	$ 4,081.42
9/23/19	$ 14,248.23	$ 1,382.24
9/30/19	$ 8,636.75	$ 8,275.37
10/7/19	$ 14,204.85	$ 1,245.25
10/14/19	$ 9,543.69	$ 10,673.07
10/21/19	$ 5,263.17	$ 10,464.89
10/28/19	$ 7,371.62	$ 8,938.07
11/4/19	$ 5,008.26	$ 10,442.26
11/11/19	$ 3,489.96	$ 2,108.36
11/18/19	$ 12,743.37	$ 13,724.84
11/25/19	$ 1,848.10	$ 9,319.00
12/2/19	$ 5,789.95	$ 7,755.35
12/9/19	$ 7,586.66	$ 12,327.17
12/16/19	$ 2,287.95	$ 2,343.91
12/23/19	$ 3,356.14	$ 2,444.49
12/30/19	$ 4,558.28	$ 12,514.89
1/6/20	$ 7,247.02	$ 4,998.70
1/13/20	$ 7,374.31	$ 13,333.44
1/20/20	$ 4,593.70	$ 14,156.07
1/27/20	$ 1,792.20	$ 6,646.60
2/3/20	$ 3,248.34	$ 3,494.17
2/10/20	$ 1,372.53	$ 17,622.30
2/17/20	$ 11,061.58	$ 8,109.53
2/24/20	$ 9,250.06	$ 11,629.81
3/2/20	$ 3,598.44	$ 1,294.15
3/9/20	$ 13,069.25	$ 14,609.46
3/16/20	$ 1,769.34	$ 16,544.91
3/23/20	$ 5,340.35	$ 6,791.68
3/30/20	$ 9,584.29	$ 9,749.47
4/6/20	$ 14,422.19	$ 3,744.22
4/13/20	$ 4,139.96	$ 11,331.56
4/20/20	$ 4,917.33	$ 10,489.14
4/27/20	$ 12,172.46	$ 17,745.47

Expert Solution

Hey this above data is not required for any calculation.

question ask for binomial probabilities that a customer is a repeated customer.

Now out of 10 randomly selected individuals there 11 possibilities of being a repeated customer.

either 0 or 1 or 2.....or all 10 may be repeated customers so we will calculate probabilities for all. However excel can help us in this. There is a built in function called BINOM.DIST() which calculates binomial probability.

I will show you 1 part by hand to make you understand what actually excel is doing and rest will be calculated by excel.

so below I have calculated by hand probability of 5 repeated customers out of 10.

so for X=0 to X=10 the distribution is

total is one(1) which verifies that this is a valid probability distribution.

I hope this helps you.

please upvote

thanks

orchestra answered 2 years ago

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