The denver post stated that 80% of all new products introduced in grocery store fail within 2...
The denver post stated that 80% of all new products introduced in grocery stores fail within in 2 years.If a grocery store chain introduces 66 new products,what is the probability that within 2 years 47 or more will fail?
Homework Answers
The denver post stated that 80% of all new products introduced in grocery stores fail within in 2 years.
probability of failure, p = 0.8
If a grocery store chain introduces 66 new products, sample size, n = 66
mean no. of products introduced in grocery stores that fail within in 2 years,
μ = n*p = 66*0.8 = 52.8
probability that within 2 years 47 or more will fail, P(x
47)
=P(
)
=P(z -0.09)
=1-0.4641=0.5359
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