Question: According to the US Food and Drug Administration the approval

According to the US Food and Drug Administration, the approval rate for new drug applications over the last decade is 80%. Assuming that this same rate holds in the future, if twenty new drug applications are submitted this year, how likely is it that
a. Exactly 16 will be approved.
b. No more than 14 will be approved.
c. Fewer than 11 will be approved.
d. There is less than a 5% chance that fewer than ____ will be approved.

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  • CreatedJuly 16, 2015
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