Again recall Table 8a from the working paper The Market for Financial Advisor Misconduct discussed in...

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Again recall Table 8a from the working paper "The Market for Financial Advisor Misconduct" discussed in Lecture 7 and HW 7. For your convenience, the table is reproduced below. Table 8a. Consequences of Misconduct: Industry and Firm Discipline No Misconduct Misconduct Remain with the Firm 81.29% 51.99% Leave the Firm 18.71% 48.01% Leave the Industry 8.92% 26.96% Join a Different Firm (within 1 year) 9.79% 21.05% Note: Table 8a displays the average annual job turnover among financial advisers over the period 2005-2015. The table shows, on average, the percentage of advisers that remain with their firm, leave the industry (for at least one year) or join a new firm (within a year). The job transitions are broken down by whether or not the advisor was disciplined for misconduct in the previous year. Consider randomly selecting five financial advisors who were disciplined for misconduct in the previous year. What is the chance that at least one of them leaves the firm? (Answer as a probability, not a percent. Record your answer accurate to at least the nearest third decimal place with standard rounding.) Again recall Table 8a from the working paper "The Market for Financial Advisor Misconduct" discussed in Lecture 7 and HW 7. For your convenience, the table is reproduced below. Table 8a. Consequences of Misconduct: Industry and Firm Discipline No Misconduct Misconduct Remain with the Firm 81.29% 51.99% Leave the Firm 18.71% 48.01% Leave the Industry 8.92% 26.96% Join a Different Firm (within 1 year) 9.79% 21.05% Note: Table 8a displays the average annual job turnover among financial advisers over the period 2005-2015. The table shows, on average, the percentage of advisers that remain with their firm, leave the industry (for at least one year) or join a new firm (within a year). The job transitions are broken down by whether or not the advisor was disciplined for misconduct in the previous year. Consider randomly selecting five financial advisors who were disciplined for misconduct in the previous year. What is the chance that at least one of them leaves the firm? (Answer as a probability, not a percent. Record your answer accurate to at least the nearest third decimal place with standard rounding.)

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Let X be the random variable representing financial advisors who were discipl... View the full answer