It is a binomial distribution problem with probability p = 50% = 50/100 = 0.50
total sample n = 100 and number of selection r = 40
Using binomial to normal approximation
mean = n *p = 100*0.5 = 50
standard deviation = sqrt{n*p*q}
where n = 100, p = 0.5 and q = 1- p = 1-0.5 = 0.5
this gives
standard deviation = sqrt{100*0.5*0.5}
= sqrt{25}
= 5
We have to find
setting the calculated values
(using excel function NORMSDIST(z), setting z = -2, we get NORMSDIST(-2) = 0.0228)
So, required probability is 0.0228
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