In an Effort to Persuade Customers to Reduce Their Electricity

question 104

Short Answer

In an effort to persuade customers to reduce their electricity consumption, special discounts have been offered for low consumption customers. In Florida, the EPA estimates that 70% of the residences have qualified for these discounts.
If we randomly select four residences in Florida, what is the probability exactly two of the four will have qualified for the discounts?
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If, instead, a sample of 20 residences is selected, what is the probability 12 or more will have qualified for the discounts?
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Definitions:

European Population Growth

The change in the number of individuals living in Europe, influenced by birth rates, death rates, and migration.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP.

Invested

The act of allocating money or resources to an endeavor with the expectation of generating income or profit.

Bank

A financial institution licensed to accept deposits, offer loans, and provide other financial services such as currency exchange.