Past experience shows that the probability that salespeople will exceed their sales targets in a given year is 15%, provided that they exceeded their targets in the previous year. If the probability of a salesperson exceeding his/her target in any given year is 78%, what is the probability the salesperson will exceed the target two years in a row?
Answer to relevant QuestionsIn a follow-up survey of people who purchased netbook computers, the buyers were asked if they were satisfied with their purchase. The answers were classified according to whether or not the netbook had more than 1 GB of ...Using the light bulb distribution in Exercise 11 above, calculate what length-of-life guarantee your company should issue so that no more than 2.5% of light bulbs will fail to meet the guarantee. Exhibit 5.6 below shows a probability distribution for the number of restaurant customers who will order the daily special, out of the next six customers who come through the door. Fill in the missing probability, and ...Companies that sell mutual funds charge their investors expense fees to offset the costs of research and administration. The distribution of expense fees is normal, with a mean of 2.5% and a standard deviation of 1.0%. a. ...The time that it takes an emergency car repair service to arrive at a car that has broken down is a normally distributed random variable, with a mean of 42 minutes and a standard deviation of 12 minutes. What is the ...
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