In a 2010 survey 58 of Generation Y GenY adults were found t
In a 2010 survey, 58% of Generation Y (GenY) adults were found to pay their monthly bills on time.
Suppose a new sample of 50 people from GenY is chosen. What is the probability that at most 25 of them pay their monthly bills on time?
Solution
P(<= 25/50) = 50C0 (0.42)^50 50C1 * 0.58 *(0.42)^49 + .......... 50C25 (0.42)^25 * (0.58)^25 = 9.10*10^-5
