An oil co. is drilling some wells. the results are described as either a dry well or a producer well. Past experience suggests that 10% of exploratory wells are producer wells. If the company drills 12 wells, what is the probability that all 12 wells are producer wells?
What is the probability that all 12 wells are dry wells?
What is the probability distribution for the number of dry wells?
The solution provides step by step method for the calculation of probability based on binomial distribution . Formula for the calculation and Interpretations of the results are also included.