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    binomial distribution: probability that 3 people will buy

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    A business owner decides to use a binomial distribution to solve one of his problems. He knows there is a 60 percent probability that he will sell one of his Red Oak floors to any customer who comes into his shop and views the wood.

    Out of the next 7 people who come into his shop, what is the probability that 3 people will buy a Red Oak floor?

    What is the probability that more than four people will buy the Red oak floor?

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    Solution Summary

    Binomial distribution for the probability that three people will buy Red Oak floors is determined.