Posted by troy on Friday, October 21, 2011 at 7:03pm.
It is known that 77% of all new products introduced in grocery stores fail (are taken off the market) within 2 years. If a grocery store chain introduces 62 new products, find the following probabilities. (Round your answers to four decimal places.)
(d) within 2 years fewer than 10 succeed
- statistics, find the probability - Reiny, Friday, October 21, 2011 at 7:37pm
prob(fewer than 10 succeed) --> prob(none succeeds + one succeeds + 2 succeed + ...+ 9 succeed)
= (.77)^62 + C(62,1)(.23)(.77^61) + C(62,2)(.23^2)(.77^60) + ... + C(62,9)(.23^9)(.77^53)
lots of button-pushing here
- statistics, find the probability - troy, Friday, October 21, 2011 at 7:57pm
When I computed this, it came out very oddly.. The C is throwing me off. cNr?
- statistics, find the probability - Reiny, Friday, October 21, 2011 at 8:14pm
C(n,r) = nCr
e.g. C(62,2) = 62!/(2!60!) = 1891
most calculators have the nCr key, mine is the 2nd function of the 5 key
e.g. to find C(62,2)
to get 1891
PS. I did not take the time to find the final answer to the above string of probabilities.
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