Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Over a long period of time, an electrician has established that 17% of his accounts are paid late. A friend suggests that changing the ink

Over a long period of time, an electrician has established that 17% of his accounts are paid late. A friend suggests that changing the ink colour on his accounts from black to red might help encourage customers to pay more quickly. To test this idea, the electrician sends accounts printed in red ink to a random sample of 30 of his customers. Only one of these customers is late in paying their account.

Using an appropriate probability distribution, determine the probability of having no more than one late payment from 30 customers, if the late payment rate is 17%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Economics

Authors: N. Gregory Mankiw

8th edition

1337091995, 978-1337515351, 1337515353, 978-1337091992

More Books

Students also viewed these Economics questions

Question

What are the need and importance of training ?

Answered: 1 week ago

Question

What is job rotation ?

Answered: 1 week ago