Explore BrainMass
Share

Explore BrainMass

    Binomial Probability: Meeting the quota of 3 diamond rings

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

    Dan must sell 3 diamond rings this week to meet his quota. He is meeting up with 5 possible customers, each who wants a different ring. If he has a 30% chance of making the sale with each customer, what is the probability that he will meet his quota by tomorrow.

    Now suppose 3 of his customers want the same ring, and they will go to another store if its already been sold. Would it be appropriate to use the binomial distribution under these conditions? Why or why not?

    © BrainMass Inc. brainmass.com April 3, 2020, 8:02 pm ad1c9bdddf
    https://brainmass.com/math/ring-theory/binomial-probability-meeting-quota-diamond-rings-295561

    Solution Preview

    Please see the answers in the attached file.

    Probability
    • Dan must sell 3 diamond rings this week to meet his quota. He is meeting up with 5 possible customers, each who wants a different ring. If he has a 30% chance of making the sale with each customer, what is the probability that he will meet his quota by ...

    Solution Summary

    The solution provides step by step method for the calculation of binomial probabilities. The solution also provides assumptions in binomial distribution. Formula for the calculation and Interpretations of the results are also included.

    $2.19

    ADVERTISEMENT