THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 206

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
It is known that 70% of the customers in a sporting goods store purchase a pair of running shoes.A random sample of 25 customers is selected.Assume that customers' purchases are made independently,and let X represent the number of customers who purchase running shoes.(Hint: Solve using Excel. )
-What is the probability that at least 17 customers purchase running shoes?

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Definitions:

Appreciated

An increase in the value of an asset or currency over time, typically due to market dynamics such as demand and supply.

Depreciated

A decrease in the value of an asset over time, typically due to wear and tear or obsolescence.

Inflation

The pace of escalation in the overall price environment for goods and services, lessening the ability to procure.

Real Exchange Rate

A measure of the value of one country's currency compared to another's, adjusted for inflation, reflecting the purchasing power of the currencies for goods and services.