Credit card sales The National Association of Retailers reports that 62% of all purchases are now...

Credit card sales The National Association of Retailers reports that 62% of all purchases are now made by credit card; you think this is true at your store as well. On a typical day you make 20 sales.
a. Show that this situation can be modeled by a binomial distribution. For credit, you must discuss each of the criteria required for a binomial experiment.
b. Define the random variable ? in this scenario, using the context of the problem.
c. List all possible values of ? for this situation.
d. On one trial for this scenario, what does “success” mean? Explain using the words of
the problem.
e. What is the probability of success in this scenario?
f. What is the probability of failure in this scenario?

Expert Solution

orchestra answered 1 year ago

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