Hardware Store: Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850

(a) at least 3 out of 5 business days.

(b) at least 6 out of 10 business days.

(c) fewer than 5 out of 10 business days.

(d) fewer than 6 out of the next 20 business days.

Interpretation If this actually happened, might it shake your confidence in the statement p 5 0.60?

Might it make you suspect that p is less than 0.60?

Explain.

(e) more than 17 out of the next 20 business days.

Interpretation If this actually happened, might you suspect that p is greater than 0.60? Explain.

AppendixLO1