Estimate the Indicated Probability by Using the Normal Distribution as an Approximation

question 178

Multiple Choice

Estimate the indicated probability by using the normal distribution as an approximation to the binomial distribution.
-With $\mathrm { n } = 20 \text { and } \mathrm { p } = 0.60 \text {, estimate } \mathrm { P } ( \text { fewer than } 8 \text { ) . }$

• A) 0.4953
• B) 0.4332
• C) 0.0668
• D) 0.0202

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Definitions:

Information Asymmetry

A situation where one party has more or better information than the other, often leading to an imbalance in a transaction or negotiation.

Sharing

The act of giving a portion of what one has to others, often seen as a gesture of generosity or a means to distribute resources equitably.

More Negotiators

The involvement of additional individuals actively participating in the process of reaching a consensus or agreement.

Individualistically Motivated

Driven by personal goals, desires, or needs rather than by collective interests or group objectives.