A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com, revealed that 52% of

Question:

A recent study conducted by Penn, Shone, and Borland, on behalf of LastMinute.com, revealed that 52% of business travelers plan their trips less than two weeks before departure. The study is to be replicated in the tri-state area with a sample of 12 frequent business travelers.

a. Develop a probability distribution for the number of travelers who plan their trips within two weeks of departure.

b. Find the mean and the standard deviation of this distribution.

c. What is the probability exactly 5 of the 12 selected business travelers plan their trips within two weeks of departure?

d. What is the probability 5 or fewer of the 12 selected business travelers plan their trips within two weeks of departure?

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...