A mutual fund salesperson has arranged to call on four people tomorrow. Based on past experience the salesperson knows that there is a 20% chance of closing a sale on each call. Determine the probability distribution of the number of sales the salesperson will make.
Let S denote success, i.e. closing a sale P(S) =0.20 Thus Sc is not a closing sale, and P(Sc)=.80
Sample space S = 0 , 1 , 2 , 3 , 4
S ~ Binomial (n,p)
Where n = 4 , p = 0.20
P(S) = nCs 0.20s 0.80n-s
P(S = 0) = 0.804
= 0.4096
P( S = 1) = 4C1 0.201 0.803
= 0.4096
P( S = 2) = 4C2 0.202 0.802
= 0.1536
P( S = 3) = 4C3 0.203 0.801
= 0.0256
P( S = 4) = 0.204
= 0.0016
Probability distribution for S is
S | 0 | 1 | 2 | 3 | 4 |
P(S) | 0.4096 | 0.4096 | 0.1536 | 0.0256 | 0.0016 |
A mutual fund salesperson has arranged to call on four people tomorrow. Based on past experience...
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