The widget store manager points out that not all widget brands get equal purchase rates. A brand on premium shelf space has a 0.28 probability of being selected by each customer. He is willing to give you premium shelf space at the front of the store for a small fee. The additional fee, plus the original transportation costs, would raise the minimum number of widgets you would have to sell to 40 (to cover transportation costs and additional fee).

Assuming 200 customers come into the store, use a binomial distribution to estimate the probability of at least covering the transportation costs and additional fees. Write your answer as a probability (not a percent) rounded to 4 decimals.

Answer rating: 100% (QA)

Solution Binomial distribution Given that number of t... View the full answer