Explore BrainMass

Explore BrainMass

    Data Analysis and Decision Making

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    In a typical month, an insurance agent presents life insurance plans to 40 potential customers. Historically, one in four such customers chooses to buy life insurance from this agent. Based on the relevant binomial distribution, answer the following questions:

    A. What is the probability that exactly 5 customers will buy life insurance from this agent in the coming month?
    B. What is the probability that no more than 10 customers will buy life insurance from this agent in the coming month?
    C. What is the probability that at least 20 customers will buy life insurance from this agent in the coming month?

    P(X=5)
    P(X< 10)
    P(X> 20) = 1 - P(X<20) = 1 - P(X< 20)

    Are these right? If they are, where do I find the binomdist function and do I plug the information in exactly like this? Please Help!!

    © BrainMass Inc. brainmass.com June 3, 2020, 8:45 pm ad1c9bdddf
    https://brainmass.com/business/business-policy-and-implementation/data-analysis-and-decision-makings-151166

    Attachments

    Solution Summary

    In a typical month, an insurance agent presents life insurance plans to 40 potential customers. Historically, one in four such customers chooses to buy life insurance from this agent. Based on the relevant binomial distribution, answer the following questions:

    $2.19

    ADVERTISEMENT