Question
The transaction history at an electronic goods store indicates that 21 percent of customers purchase the extended warranty when they buy an eligible item. Suppose
The transaction history at an electronic goods store indicates that 21 percent of customers purchase the extended warranty when they buy an eligible item. Suppose customers who buy eligible items are chosen at random, one at a time, until one is found who purchased the extended warranty. Let the random variable P represent the number of customers it takes to find one who purchased the extended warranty. Assume customers' decisions on whether to purchase the extended warranty are independent. What is the probability that it takes more than 4 customers who buy an eligible item to find one who purchased the extended warranty?
The transaction history at an electronic goods store indicates that 21 percent of customers purchase the extended warranty when they buy an eligible item. Suppose customers who buy eligible items are chosen at random, one at a time, until one is found who purchased the extended warranty. Let the random variable P represent the number of customers it takes to find one who purchased the extended warranty. Assume customers' decisions on whether to purchase the extended warranty are independent. What is the probability that it takes more than 4 customers who buy an eligible item to find one who purchased the extended warranty?
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