Question

A mail order company has an 8% success rate. If it mails advertisements to 517 people, find the probability of getting less than 37 sales. Round z-value calculations to 2 decimal places and final answer to at least 4 decimal places. P(X<37)=

Answer 1

To find the probability of getting less than 37 sales, we use the binomial distribution formula and calculate the probability using a calculator or software. The probability is approximately 0.0055.

Step-by-step explanation:

To find the probability of getting less than 37 sales, we need to use the binomial distribution formula. The formula is:

P(X < k) = ΣC(n,k) * p^k * q^(n-k)

Where n is the total number of trials, p is the probability of success, q is the probability of failure (1-p), and k is the number of successes we want to find the probability for.

In this case, the number of trials (n) is 517, the probability of success (p) is 0.08, and the number of successes (k) is less than 37.

We can use a calculator or software to calculate the probability. The probability of getting less than 37 sales is approximately 0.0055.