In our rental shop case, we know that on the busiest day we can
expect 150...
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In our rental shop case, we know that on the busiest day we canexpect 150 rentals, which forms the number of independent events ortrials. We also know that, historically, 60% of our customers rentskis and 40% rent snowboards, which provides our probability. If wedecide that we only need to have 65 snowboards in stock, what isthe probability that we will run out of snowboard rentals on anyspecific day?
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Solution Number of rentals on the busiest day 150Percentage of customers who rent snowboards 40We have decided that we need to have 65 snowboards in stock andwe have to obtain the probability that on any day we will run outof snowboard rentalsWe will run out out of snowboards rentals if number of
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