Final Answer:
The binomial probability to be calculated using the Excel function = 1 - BINOM.DIST (15,24,.263, FALSE) is P(x ≥ 15).
Explanation:
The binomial probability is a probability distribution which is used to calculate the probability of a particular number of successes, within a given number of trials, in which each trial has the same probability of success. In this case, the given Excel function = 1 - BINOM.DIST (15,24,.263, FALSE) is used to calculate the binomial probability.
The BINOM.DIST function is used to calculate the probability of a certain number of successes in a given number of trials, where each trial has the same probability of success. The function takes four arguments: the number of successes (x), the number of trials (n), the probability of success (p), and whether the probability should be cumulative (TRUE) or not (FALSE).
In the given function, the value of x is 15 and n is 24, indicating that this is the probability of 15 successes in 24 trials. The value of p is 0.263, indicating that the probability of success in each trial is 0.263. The value of FALSE indicates that the probability should not be cumulative.
Therefore, the binomial probability calculated using the given Excel function is P(x ≥ 15), which is the probability of 15 or more successes in 24 trials, with each trial having a probability of success of 0.263.