8. An oil prospector will drill a succession of holes in a given area to find a productive well. The probability that h...
8. An oil prospector will drill a succession of holes in a given area to find a productive well. The probability that he is successful on a given trial is 0.20. a. Let X be the number of wells drilled until the first strike of oil. What is the probability that the first strike comes on the third well drilled? b. If the prospector can afford to drill at most ten wells, what is the probability that he will fail to find a productive well? c. The prospector drills holes until he finds a productive well. How many holes would the prospector expect to drill? Interpret your answer intuitively.
8. An oil prospector will drill a succession of holes in a given area to find a productive well. The probability that he is successful on a given trial is 0.20. a. Let X be the number of wells drilled until the first strike of oil. What is the probability that the first strike comes on the third well drilled? b. If the prospector can afford to drill at most ten wells, what is the probability that he will fail to find a productive well? c. The prospector drills holes until he finds a productive well. How many holes would the prospector expect to drill? Interpret your answer intuitively.