Ok please help me. Here is my stats question
Suppose there is a 20% chance of striking oil at a certain location. An oil company drills at 5 different spots. What is the probablity of them striking oil on at least one of the spots?
Any help is greatly appreciated
The probability of not hitting oil is .8
The probability of not hitting oil in 5 tries is .8^5 = .32768. Ergo, the probability of getting at least 1 hit is (1-.32768) = .67232
Of course, I can help you with that. To find the probability of striking oil at least once among the five spots, we need to calculate the complementary probability of not striking oil at any of the spots.
Since the probability of not striking oil at a particular spot is 1 - 0.2 = 0.8, the probability of not striking oil at any of the five spots can be calculated by multiplying the probabilities together.
So, the probability of not striking oil at any given spot is (0.8) x (0.8) x (0.8) x (0.8) x (0.8) = 0.32768.
Now, to find the probability of striking oil at least once, we need to subtract this probability from 1, as it represents the complement of our desired event:
1 - 0.32768 = 0.67232.
Therefore, the probability of striking oil at least once among the five spots is approximately 0.67232, or 67.232%.