Example:A marketing consulting company stated that 80% of all new products introduced in grocery stores fail (are taken off the market) within 2 years. A large grocery store chain introduces 150 new products this year. What is the chance that between 77% and 84% of the products in the sample will fail within 2 years?

Step 1: Construct the box model

- Enter the average of the box:___

- Enter the SD of the box:___

Step 2: Determine the size of the sample

- Enter the number of draws from the box:___

Step 3: Calculate the EV_%and the SE_%.

- Enter the expected value of the percentage (EV%):___

- Enter the standard error of the percentage (SE%), round to 2 decimal places:___

Step 4: Calculate the chances

- Calculate the chance that between 77% and 84% of the products in the sample will fail within 2 years, round to the nearest whole number:___

- Calculate the chance fewer than 75% of the new products will fail within two years, round to the nearest whole number:___