Question

Experience has taught a company that 45% of its new products become successful in the market. Next year, the company plans to launch 4 new products to the market. What is the probability that all your new products are successful? What is the probability that none of your new products is?

Answer 1

This a binomial distribution problem. Let be the prior probability. Then the probability of choosing r out of n samples be,

Question 1:

here n = 4, r = 4 and = 0.45

so, the probability that all the new products are successful,

Question 2:

here n = 4, r = 0 and = 0.45

so, the probability that none of the new products are successful,

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