Question: A large proportion of small businesses in the United States

A large proportion of small businesses in the United States fail during the first few years of operation. On average, 1.6 businesses file for bankruptcy per day in a particular large city.
a. Using the Poisson formula, find the probability that exactly 3 businesses will file for bankruptcy on a given day in this city.
b. Using the Poisson probabilities table, find the probability that the number of businesses that will file for bankruptcy on a given day in this city is
i. 2 to 3
ii. More than 3
iii. Less than 3

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  • CreatedAugust 25, 2015
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