View the step-by-step solution to:

3-44 A real estate agent has four houses to sell before the end of the month by contacting prospective customers one by one. Each costumer has an...

3-44
A real estate agent has four houses to sell before the end of the month by contacting prospective customers one by one. Each costumer has an independent 0.24 probability of buying a house on being contacted by the agent.
a) If the agent has enough time to contact only 15 customers, how confident can she be of selling all four houses within the available time?
b) If the agent wants to be a at least 70% confident of selling all the houses within the available time , at least how many customer should she contact?(if necessary, extend the template downward to more rows)
c) What minimum value of p will yield 70% confidence of selling all four houses by contacting at most 15 costumers?
d) to answer (c) above more thoroughly, tabulate the confidence for p values ranging from 0.2 to 0.6 in steps of 0.05.
Sign up to view the entire interaction

Top Answer

Dear Student, Your question has been answered by our tutor and solution has... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online