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

question 89

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 exactly 1 business succeeds is ________.

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Definitions:

Confidence Interval

A range of values, derived from the sample data, that is likely to contain the value of an unknown population parameter with a specified level of confidence.

Monthly Incomes

The total amount of income or earnings received during a typical month, often used in financial and socioeconomic studies.

Variances

Measures of the dispersion, indicating how spread out the data points are around the mean.

Accounting

The systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business.