Probability of drug companies obtainining permission for sale og a drg within 90 days is .75. If a sample of 5 compnanies selected what is the probability that none of them obtaine permission within 90 days.
prob of NOT getting permission = .25 = 1/4
so prob(no permission 5 times) = (1/4)^5
= 1/1024
THANKS A LOT...................
To find the probability that none of the selected companies obtain permission within 90 days, we can use the binomial probability formula.
The binomial probability formula is:
P(x) = C(n, x) * p^x * q^(n-x)
Where:
P(x) is the probability of exactly x successes,
n is the number of trials,
p is the probability of success on a single trial,
q is the probability of failure on a single trial (1 - p), and
C(n, x) is the binomial coefficient which represents the number of ways to choose x successes from n trials.
In this case:
n = 5 (number of companies selected)
p = 0.75 (probability of obtaining permission for a single company)
q = 1 - p = 1 - 0.75 = 0.25 (probability of not obtaining permission for a single company)
x = 0 (number of successes we are interested in)
Plugging these values into the formula, we get:
P(0) = C(5, 0) * 0.75^0 * 0.25^(5-0)
Now we just need to calculate the binomial coefficient C(5, 0):
C(5, 0) = 5! / (0! * (5-0)!) = 1
Plugging this back into the formula, we get:
P(0) = 1 * 0.75^0 * 0.25^5 = 1 * 1 * 0.25^5 = 0.25^5 = 0.001953125
Therefore, the probability that none of the selected companies obtain permission within 90 days is approximately 0.001953125, or 0.1953%.