SCENARIO 5-2 a Certain Type of New Business Succeeds 60% of the of the Time.Suppose

question 73

Short Answer

SCENARIO 5-2
A certain type of new business succeeds 60% of the time.Suppose that 3 such businesses open (where they do not compete,so it is reasonable to believe that their relative successes would be independent).
-Referring to Scenario 5-2,the probability that all 3 businesses succeed is _____.

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Definitions:

Oral Contract

An oral contract is an agreement between parties that is spoken and not written down, yet is legally binding, although more difficult to prove than written contracts.

Corporate Client

A business entity that receives services or advice from a professional firm.

Plaintiff Lawyer

A legal professional who represents the complainant or victim initiating a lawsuit in a court of law.

Generally Accepted Accounting Principles

A set of accounting standards, principles, and procedures that companies must follow when compiling their financial statements in the U.S.