3. According to one study, only 18% of the Bay Area residents can afford to buy...

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3. According to one study, only 18% of the Bay Area residents can afford to buy a median-priced home in the Bay Area. You randomly sample 50 Bay Area residents. Let X = the number of people in a sample of 50 Bay Area residents who can afford to buy a median-priced home in the Bay Area. a. How is X distributed? X~ b. Find the population mean , and the standard deviation for X. Show your work. NOTE: Don't forget about the special formulas for the mean and standard deviation for the binomial distribution. = c. Compute each probability below. In each case, include the probability statement, in probability notation. Round your probability to 4 decimal places. i. Find the probability that exactly 12 people in your sample can afford to buy a median-priced home in the Bay Area. ii. Find the probability that less than 12 people in your sample can afford to buy a median-priced home in the Bay Area. iii. Find the probability that at least 20 people in your sample can afford to buy a median-priced home in the Bay Area. Include a probability statement. 3. According to one study, only 18% of the Bay Area residents can afford to buy a median-priced home in the Bay Area. You randomly sample 50 Bay Area residents. Let X = the number of people in a sample of 50 Bay Area residents who can afford to buy a median-priced home in the Bay Area. a. How is X distributed? X~ b. Find the population mean , and the standard deviation for X. Show your work. NOTE: Don't forget about the special formulas for the mean and standard deviation for the binomial distribution. = c. Compute each probability below. In each case, include the probability statement, in probability notation. Round your probability to 4 decimal places. i. Find the probability that exactly 12 people in your sample can afford to buy a median-priced home in the Bay Area. ii. Find the probability that less than 12 people in your sample can afford to buy a median-priced home in the Bay Area. iii. Find the probability that at least 20 people in your sample can afford to buy a median-priced home in the Bay Area. Include a probability statement.