Please show work thank you Trading on the New York Stock Exc

Please show work, thank you.

Trading on the New York Stock Exchange lasts for approximately 6 hours per day. Suppose that a particular stock increases each hour with probability 0.4, and hourly increases/decreases in the stock are independent. What is the probability that the stock will increase no more than 3 hours of the trading day?

Solution

Desired probability = 3/6 * 0.4 = 0.2 Answer