Homework SourseOf 42 bank accounts at small bank 20 accounts have values of
Of 42 bank accounts at small bank, 20 accounts have values of less than $1000 and the rest have values of at least $1000. Suppose 6 accounts are randomly sampled.
What is the probability that exactly 5 of the 6 accounts have values of at least $1000?
Please answer in demical form.
And explain why and such.
Solution
Of 42 bank accounts at small bank, 20 accounts have values of less than $1000 and the rest have values of at least $1000. Suppose 6 accounts are randomly sampled.
What is the probability that exactly 5 of the 6 accounts have values of at least $1000?
Please answer in demical form.
Binomial distribution used
p=P (at least $1000) =22/42=0.5238
n=6
P(X=x) = (nCx) px (1-p)n-x
P(X=5) = (6C5) 0.52385(1-0.5238)6-5
P(X = 5) = 0.1127
