Question

In: Statistics and Probability

It is known that 81% of all new products introduced in grocery stores fail (are taken...

It is known that 81% of all new products introduced in grocery stores fail (are taken off the market) within 2 years. If a grocery store chain introduces 66 new products, find the following probabilities. (Round your answers to four decimal places.) (a) within 2 years 47 or more fail

(b) within 2 years 58 or fewer fail

(c) within 2 years 15 or more succeed Incorrect:

(d) within 2 years fewer than 10 succeed

Solutions

Expert Solution

a. Probability that 47 or more fail within 2 year is 0.9816

b. Probability that 58 or fewer fail within 2 year is 0.9500

c. Probability that 15 or more succeed within 2 year is 0.2627

d. Probability that fewer than 10 succeed within 2 year is 0.1705

Complete solution is given in attached images:

Thank You.

orchestra answered 1 year ago
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