Question

A mutual fund salesperson has arranged to call on four people tomorrow. Based on past experience the salesperson knows that there is a 20% chance of closing a sale on each call. Determine the probability distribution of the number of sales the salesperson will make. Let S denote success, i.e. closing a sale P(S)=.20 Thus SC is not closing a sale, and P(SC)=.80

Answer 1

Answer:-

Given That:-

A mutual fund salesperson has arranged to call on four people tomorrow. Based on past experience the salesperson knows that there is a 20% chance of closing a sale on each call. Determine the probability distribution of the number of sales the salesperson will make. Let S denote success, i.e. closing a sale P(S)=.20 Thus SC is not closing a sale, and P(SC)=.80

Given,

Sample space S = 0,1,2 3, 4

S ~ Binomial (n, p)

Where

n = 4

p = 0.20

= 0.4096

= 0.4096

= 0.1536

= 0.0256

= 0.0016

Probability distribution for S is

S	0	1	2	3	4
P(S)	0.4096	0.4096	0.1536	0.0256	0.0016

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