Question
. Suppose it is known that 15% of a large population believe cryptocurrencies should be a widely accepted form of payment by retailers. It is
. Suppose it is known that 15% of a large population believe cryptocurrencies should be a widely accepted form of payment by retailers. It is proposed to conduct a survey of these people as part of an effort to encourage retailers to introduce this payment method. (a) Find the probability that, in a pilot survey of 16 people, at least three of them favour cryptocurrencies as a payment method. (b) Using a suitable approximation, find the probability of at least three people in favour in a larger random sample of 50 people. In both parts, explain any assumptions you are making in order to justify the methods of calculation which you use.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started