The Owner of a Small Convenience Store Is Trying to Decide

question 37

Essay

The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy a magazine and thinks that he might be able to use the display space to sell something more profitable. Before making a final decision he decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.
-What is the probability that exactly 3 of the first 10 customers buy specialty clothes for their pet? Show work.

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Definitions:

Copyrighted Book

A book that is protected by copyright law, which gives the author or holder exclusive rights to reproduce, distribute, and control its use.

Trademark Infringement

Using a trademark or service mark without permission on goods and/or services in a way that could lead to confusion, deceit, or errors about who provides or manufactures these goods/services.

Generic Use

Refers to the general or common usage of a term or product without regard to trademark rights.

Trademarks

Legal designations that protect the names, symbols, or phrases used to identify and differentiate the goods or services of one seller from another.