Suppose that you own a car dealership and purchase (randomly select) 7 cars of a certain make
Question:
Suppose that you own a car dealership and purchase (randomly select) 7 cars of a certain make from a production run of 200 cars. Of the 200 cars, 160 are destined to last at least five years without needing a major repair. Set up an expression using the hypergeometric distribution for the probability that at least 6 of your 7 cars will last at least five years without needing a major repair. Then, using the binomial tables,approximate this probability by using the binomial distribution. What justifies the approximation?
DistributionThe 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...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Essentials Of Business Statistics
ISBN: 9780078020537
5th Edition
Authors: Bruce Bowerman, Richard Connell, Emily Murphree, Burdeane Or
Question Posted: