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Let x be a binomial random variable with n = 20 and p = 0.05.
Calculate using the cumulative binomial probabilities table in Appendix I of your book.
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Use the Poisson approximation to calculate .
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Compare your results. Is the approximation accurate?
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An agreement between parties that is legally enforceable in a court of law.
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Promissory estoppel is a legal doctrine that can enforce a promise in the absence of a formal contract when a party has relied on that promise to their detriment.
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