An automobile manufacturer finds that 1 in every 2500 automobiles produced has a particular manufacturing defect (a) Use a binomial distribution to find the probability of finding 4 cars with the defect in a random sample of 6000 cars (b) The Poisson distribution can be used to approximate the bino...

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An automobile manufacturer finds that 1 in every 2500 automobiles produced has a particular manufacturing defect. (a)

Question:

An automobile manufacturer finds that 1 in every 2500 automobiles produced has a particular manufacturing defect.
(a) Use a binomial to find the probability of finding 4 cars with the defect in a random sample of 6000 cars.
(b) The Poisson can be used to approximate the binomial for large values of n and small values of p. Repeat part (a) using a Poisson and compare the results.
Distribution
The 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...