TABLE 5-2 a Certain Type of New Business Succeeds 60% of the of the Time

question 13

Short Answer

TABLE 5-2
A certain type of new business succeeds 60% of the time. Suppose that 3 such businesses open (where they do not compete with each other, so it is reasonable to believe that their relative successes would be independent).
-Referring to Table 5-2, the probability that at least 1 business succeeds is ________.

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Definitions:

Customer Segment

A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product and service needs.

Final Goods

Products that are completed and ready for sale to the end consumer.

Gross National Product

The total value of all goods and services produced by a country's residents over a specific time period, including income from overseas investments.

Services Provided

The actions or activities carried out by a company or an individual to satisfy a customer's needs or wants.