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In a typical month, an insurance agent presents life insurance plans to 40 potential customers. Historically,...

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Basic Math

  1. In a typical month, an insurance agent presents life insuranceplans to 40 potential customers. Historically, one in four suchcustomers chooses to buy life insurance from this agent. You maytreat this as a binomial experiment.
    1. What is the probability of success for this problem?
    2. What is the total number of trials in this problem?
    3. Create a probability distribution table which includes thevalue for the random variable and the probability of each possibleoutcome of the random variable. Also create the cumulativeprobability column.
    4. What is the probability that exactly five customers will buylife insurance from this agent in the coming month?
    5. What is the probability that no more than 10 customers will buylife insurance from this agent in the coming month?
    6. What is the probability that at least 20 customers will buylife insurance from this agent in the coming month?
    7. Determine the mean and standard deviation of the number ofcustomers who will buy life insurance from this agent in the comingmonth?
    8. What is the probability that the number of customers who buylife insurance from this agent in the coming month will lie withintwo standard deviations of the mean?

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