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
"At least one" includes 1, 2, 3, 4 and 5 strikes.
The chance for getting just one to strike oil = .2 * .8 * .8 * .8 * .8.
The chance for getting two to strike oil = .2 * .2 * .8 * .8 * .8.
Calculate the chances for 3, 4 and 5 strikes.
The chance for getting either 1, 2, 3, 4 or 5 is calculated by adding the probabilities of the individual events.
I hope this helps.