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Thirty percent of the CFA candidates have a degree in economics. A random sample of three CFA candidates is selected. What is the probability that none of them has a degree in economics?

User Florrie
by
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1 Answer

2 votes

Answer:

0.343

Step-by-step explanation:

Given that,

Percent of CFA candidates have a degree in economics, p = 30% = 0.3

Random sample of CFA candidates, n = 3

Here, we are using the binomial distribution.

Let X be the number of CFA candidates having economics degree.

Probability that none of them has a degree in economics, P(X = 0) :

=
\binom{n}{0}p^(0)(1-p)^(n-0)

=
\binom{3}{0}(0.3)^(0)(1-0.3)^(3-0)

=
1* 1 * (0.7)^(3)

= 0.343

Therefore, the probability that none of them has a degree in economics is 0.343.

User Burhanuddin Rashid
by
7.5k points
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