Final answer:
The probability of the event is 0.338. We determine the probability using the binomial formula, the expression P(x ≤ 2) can be evaluated through the binomcdf function, denoted as binomcdf(n, p, 2).
Step-by-step explanation:
In order to determine the probability using the binomial formula, the expression P(x ≤ 2) can be evaluated through the binomcdf function, denoted as binomcdf(n, p, 2).
Here, 'n' represents the number of trials, and 'p' signifies the probability of success.
With specific values provided, where n equals 7 and p is 0.76, the calculation proceeds as follows: P(x ≤ 2) = binomcdf(7, 0.76, 2) = 0.338.
This outcome indicates the probability of achieving two or fewer successes in a sequence of seven trials with a success probability of 0.76.
Employing the binomial cumulative distribution function (binomcdf) allows for a precise assessment of the likelihood of various outcomes within a specified number of trials, providing a valuable tool for probabilistic analysis in scenarios characterized by discrete, binary events.
Hence, the probability of the event is 0.338.