The Department of Commerce in a State Has Determined That

question 198

Short Answer

The Department of Commerce in a state has determined that the number of small businesses that declare bankruptcy per month is approximately a Poisson distribution with a mean of 6.4.Find the probability that more than 3 bankruptcies occur next month.

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Definitions:

Enforceable

Capable of being put into effect or action according to legal principles or regulations.

Contract

A formal agreement among two or more participants that is legally binding and enforceable.

Sue

To initiate legal proceedings against another party in order to seek remedy or damages.

Intoxicated

The condition of being under the influence of alcohol or drugs to the extent of losing control over physical and/or mental faculties.