Question

A recent market study has determined that the probability that a young adult will be willing to try a new online financial service that your company is offering is 50%. In a random sample of 10 young adults, the probability that exactly 5 will be willing to try this new service is _________, and the approximate probability (using the normal distribution is) _________.

Answer 1

Answer: Pr= 0.03125= 3.125%

Approximately= 3%

Explanation:

Probability that 5 out of 10 young adults will be willing to try the new service is.

Pr= Pi ×Pi×Pi×Pi×Pi

Pr= 0.50 ^5

Pr= 0.03125

Pr= 1/32 = 0.03125 =3.125%

Approximately = 3%