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 total profit of a company after all expenses and taxes have been subtracted from revenue.

Return On Investment

A financial metric used to evaluate the efficiency of an investment, calculating profit or loss relative to the amount of money invested.

Departmental Income Statement

A financial statement that shows the income, expenses, and net income of different departments within a company.

Contribution To Overhead

The portion of revenue that exceeds direct costs and contributes to covering a company's fixed expenses.