Approximate Binomial Probabilities Using the Normal Distribution

question 103

Short Answer

Approximate Binomial Probabilities Using the Normal Distribution
-A local rental car agency has 200 cars. The rental rate for the winter months is 60%. Find the probability that in a given winter month at least 140 cars will be rented. Use the normal distribution to approximate the binomial distribution.

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Definitions:

Breakeven Point

The point at which total costs and total revenue are equal, meaning a business is neither making a loss nor a profit.

Revenues

The total amount of income generated by the sale of goods or services related to the company's primary operations.

Expenses

Costs incurred in the process of earning revenue; typically classified as fixed, variable, or periodic expenditures.

Breakeven Point

The point at which total cost and total revenue are equal, resulting in no net loss or gain for a business or project.