Suppose that a company selects two people who work independently inspecting two-by-four timbers. Their job is to identify low-quality timbers. Suppose that the probability that an inspector does not identify a low-quality timber is 0.20.
(a) What is the probability that both inspectors do not identify a low-quality timber?
(b) How many inspectors should be hired to keep the probability of not identifying a low-quality timber below 1%?
(c) Interpret the probability from part (a).