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

question 47

Short Answer

Instruction 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 Instruction 5-2,the probability that all 3 businesses succeed is ________.

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Definitions:

Net Income

The net income a corporation earns once all costs, taxes, and expenses are deducted from the total revenue.

Earnings Per Share

A measure of a company's profitability, calculated as net income divided by the number of outstanding shares of its common stock.

Dividends

Funds disbursed to members of a corporation, commonly sourced from the company's profits.

Market Price

The going rate at which one can buy or sell an asset or service in the market.