Final answer:
To find the probability that at least 8 homes will be owned by the current residents, use the binomial probability formula and a calculator with appropriate functions.
Step-by-step explanation:
To find the probability that at least 8 homes will be owned by the current residents, we need to use a combination of the binomial probability formula and a calculator with appropriate functions.
Step 1: Set up the problem. Let's say the probability of a home being owned by the current resident is p and the number of homes is n.
Step 2: Use the binomial probability formula to calculate the probability. The formula is P(x ≥ k) = 1 - P(x < k), where k is the minimum number of homes owned by current residents.
Step 3: Plug in the values into the formula and use the appropriate binomial calculator function to find the answer.