At Olive's Oranges customers may pick oranges from a 100-tree orchard at the price of 15¢ per orange.Olive's orchard currently produces 8,000 oranges annually.Olive estimates that installing a new irrigation system would increase her annual yield by 200 oranges,beginning next year.The irrigation system requires an immediate cost of $600.
Definitions:
Binomial Probability
The probability of achieving a specific number of successes in a fixed number of independent trials, each with the same probability of success.
Binomial Distribution
A probability distribution that summarizes the likelihood that a value will take one of two independent states under a given number of observations.
Normal Distribution
A bell-shaped frequency distribution curve that is symmetrical about the mean, representing the distribution of many types of data.
Sample Proportion
The proportion or percentage of the sample that embodies a specific characteristic or feature.
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