statistic and probability HELP I do not know where to begin
statistic and probability HELP
I do not know where to begin with this assignment! The directions are: Using Excel do ..
Selecting Members:The board of directors for the Hartford Investment Fund has 10 members.
a. If 3 members are randomly selected to oversee the auditors, find the probability that the three wealthiest members are selected.
b. If members are elected to the positions of chairperson, vice chairperson, and treasurer, how many different slates are possible?
Solution
a) probability of chosing the wealthiest member depends the order in which they are wealthy,
no 10 person can have same wealth,
so probability of chosing the 1st wealthy member = 1/10
probability of 2nd wealthy member = 1/9
probability of 3rd wealthy member = 1/8
now chosing the probability of having 3 wealthy member will be 1/10*1/9*1/8 = 1/720
b)if we have 3 members and we have to chose the way in whcih the can be selected for 3 different post = 3! = 6 ways
