Binomial distribution
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Historical data shows 15% of the customers entering a store make a purchase. There are 50 customers in the store at the moment. The store manager wants to know what is the probability that 25 or more of them will make a purchase in order to determine whether he will need to add additional staff to the shift.
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Solution Summary
The solution provides step by step method for the calculation of probability calculation for binomial distribution. Formula for the calculation and Interpretations of the results are also included.
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