Homework Help: Business stats

Posted by bob on Tuesday, April 14, 2009 at 5:03pm.

I have just started business school and am struggling with this HW problem. any help would be great!!...A certain type of new business succeeds 60% of the time. Suppose that 3 such businesses open (where they do not compete so its reasonable to believe that their relative successes would be independent) whats is the probability that all 3 businesses succed? the probability that all 3 fail? and the probability that at least 1 succeeds? if you could show me how you got the answer that would be great thanks sooo much!

Business stats - SraJMcGin, Tuesday, April 14, 2009 at 6:13pm
The 3 "such businesses" should be "3 certain type of new businesses" as stated in line 2. Knowing that they succeed 60% of the time, it would be 60% chance each would succeed and 40% that each would fail. Do you agree?

Sra

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