A financial advisor frequently holds investment counseling w

A financial advisor frequently holds investment counseling workshops for persons who have responded to his direct mailings. The typical workshop has 10 attendees, In the past, the advisor has found that in 35% of the workshops, nobody signs up for the advanced class that is offered; in 30% of the workshops, one person signs up; in 10% of the workshops, three or more people sign up. The advisor is holding a workshop tomorrow. What is the propability that at least two people will sign up for the advanced class? What is the propability that no more than one will sign up ? Draw a venn diagram that includes the possible events and their relative frequencies for this situation.

Solution

The probability distbution of the given events is

P(atleast 2 people signing)= P(X>=2)=1-P(x<2)=1-(P(x=0)+P(x=1))=1-(0.35+0.3)=0.35

in this case the probability is 0.1.

P(no more than 1 willl sign)=P(x=1)=0.3