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Compute the Following Binomial Probabilities Directly from the Formula for B(x;n,p)

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Essay

Compute the following binomial probabilities directly from the formula for b(x;n,p).
a. b(3; 8, .7)
b. b(5; 8, .7)
c. P(3X5) when n=8 and p=.7P ( 3 \leq X \leq 5 ) \text { when } n = 8 \text { and } p = .7
d. P(X1) when n=10 and p=.1P ( X \geq 1 ) \text { when } n = 10 \text { and } p = .1


Definitions:

Interest Rates

The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan amount.

Supply and Demand

Economic model describing how prices vary as a result of a balance between product availability and the desire of consumers.

Federal Reserve

The central banking system of the United States, responsible for setting monetary policy, regulating banks, and providing financial services to the government.

Non-Amortized Debt

A loan in which the principal amount borrowed does not decrease through regular payments over the term of the loan.

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