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Computing Probability - Rules of Probability

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An insurance agent has appointments with four prospective clients tomorrow. From past experience, the agent knows that the probability of making a sale on any appointment is 1 out of 5. Using the rules of probablitlity, what is the likelihood that the agent will sell a policy to 3 of the 4 prospective clients?

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This solution describes how to solve probability problems.

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This is a binomial probability for 4 events with each event having a probability of success = 1/5 and probability of failure = 4/5.

If we use the binomial distribution equation we get (4!/(3!*1!))*((1/5)^3)*((4/5)^1) = 0.0256.

Now let's try and look at the problem step-by-step:

Since ...

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