Question

In: Statistics and Probability

Seventy-six percent of small business owners do not have a college degree. If a random sample...

Seventy-six percent of small business owners do not have a college degree. If a random sample of 60 small business owners are selected, find the probability that exactly 50 will not have a college degree.

Expert Solution

Answer

Given that:

Seventy-six percent of small business owners do not have a college degree. If a random sample of 60 small business owners are selected

Seventy six percent of small business owners do not have a college degree

This means p=0.76.The size of the random sample is n=60

Let X denotes the number of people that do not have a college degree

Here XBin(60,0.76)

Now compute np,n(1-p)

Therefore

Since np>0,n(1-p)>10,use continuity correction in normal approximation.Now compute mean and standard deviation

Mean

Standard deviation

It is required to find the probability that exactly 50 will not have a college degree

orchestra answered 2 years ago

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