Probability Distribution for a New Boutique
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A clothing store owner opens a new boutique and is working on a 3-day forecast of sales during the grand opening of the boutique. The owner determines that there is a 40% probability that customers will visit the store and make a purchase, which means 60% will visit the store and not make a purchase. How do you determine the probability that customers will visit and make a purchase on 0, 1, 2, or 3 of the days?
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Solution Summary
Probability distribution for a new boutique is examined.
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Here we have a binomial distribution with the number of trials n=3 and probability of success (the customers will visit the store and make a purchase) is ...
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