According to a 2018 survey by Bankrate, 20% of adults in the United States save nothing for retirement (CNBC website). Suppose that twenty-one adults in the United States are selected randomly. What is the probability that more than five of the selected adults save nothing for retirement

Answers

Answer 1

Answer:

0.769296

Step-by-step explanation:

The desired probability can be calculated from binomial probability distribution because there are 21 independent trials and probability of success(saving nothing for retirement) 0.2 remains same for each trial. Here, n=21 and p=0.20. We want to compute P(X>5).

The pdf of binomial distribution is

P(X=x)=nCx(p)^x(1-p)^(n-x)

P(X>5)=1-P(X≤5)

P(X≤5)=P(X=0)+P(X=1)+P(X=2)+P(X=3)+P(X=4)+P(X=5)

P(X=0)=21C0*(0.2)^0*(1-0.2)^(21-0)=0.009223

P(X=1)=21C1*(0.2)^1*(1-0.2)^(21-1)=0.048423

P(X=2)=21C2*(0.2)^2*(1-0.2)^(21-2)=0.121057

P(X=3)=21C3*(0.2)^3*(1-0.2)^(21-3)=0.191673

P(X=4)=21C4*(0.2)^4*(1-0.2)^(21-4)=0.215632

P(X=5)=21C5*(0.2)^5*(1-0.2)^(21-5)=0.183287

P(X≤5)=0.009223+0.048423+0.121057+0.191673+0.215632+0.183287

P(X≤5)=0.769296

P(X≤5) can also be computed by using excel function BINOM.DIST(5,21,0.2,TRUE) which results in

P(X≤5)=0.769296.

Answer 2

The probability that more than five of the selected adults save nothing for retirement is; P(X > 5) = 0.239928

We are told that 20% of adults in the US save nothing for retirement. Thus;

p = 20% = 0.2

21 adults are selected randomly. Thus;

n = 21

Probability that more than five of the selected adults save for retirement is gotten from formula for binomial probability distribution which is;

P(X = x) = nCx × p^(x) × (1 - p)^(n - x)

Thus;

P(X > 5) = 1 - P(X ≤ 5)

Where;

P(X ≤ 5) = P(X = 0) + P(X = 1) + P(X = 2) + P(X = 3) + P(X = 4) + P(X = 5)

P(X = 0) = 21C0 × 0.2^(0) × (1 - 0.2)^(21 - 0) =

0.009223

Using online binomial probability calculator, we can find the remaining as;

P(X = 1) = 0.048423

P(X = 2) = 0.121057

P(X = 3) = 0.191673

P(X = 4) = 0.215632

P(X = 5) = 0.183287

Thus;

P(X ≤ 5) = 0.048423 + 0.121057 + 0.191673 + 0.215632 + 0.183287

P(X ≤ 5) = 0.760072

Thus;

P(X > 5) = 1 - 0.760072

P(X > 5) = 0.239928

Read more about binomial probability distribution at; https://brainly.com/question/24239758


Related Questions

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A concrete slab 4 inches deep will be poured for the floor of greenhouse A. How many cubic feet of concrete are needed for the floor?

Answers

9514 1404 393

Answer:

  96 cubic feet

Step-by-step explanation:

A volume that is 16 ft by 18 ft by 1/3 ft will be ...

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Answer:

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Web crawlers need to estimate the frequency of changes to Web sites to maintain a current index for Web searches. Assume that the changes to a Web site follow a Poisson process with a mean of 6 days. Let a random variable X denote the time (in days) until the next change. What is the probability that the time until the next change is greater than 9.5 days

Answers

Answer:

The probability will be "0.205".

Step-by-step explanation:

The probability that perhaps the time remains greater than 9.5 days before the next shift will indeed be:

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⇒  [tex]1-P(X<9.5)[/tex]

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Answers

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Step-by-step explanation:

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Which of the following is a true statement about the triangles shown on the graph?

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Answers

The correct statement about the triangles shown in the graph is given as follows:

The slopes of the two triangles are the same.

How to obtain the slope?

Considering a graph, a slope is calculated as the division of the vertical change by the horizontal change.

For the smaller triangle, we have that:

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Hence the slope is of:

m = 2/2

m = 1.

For the larger triangle, we have that:

The vertical change is of 3.The horizontal change is of 3.

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m = 1.

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More can be learned about slope at https://brainly.com/question/24808124

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Answers

Answer:

$1.00

Step-by-step explanation:

The unit rate in this scenario would be $1.00 , meaning that Toni is paying $1.00 for every shirt. This can be calculated by dividing the total price that she is paying for the shirts by the total number of shirts that Toni is purchasing like so...

$8.00 / 8 = $1.00 per shirt

The unit rate is basically the value over the denominator of 1 which would be the case as seen above since $1 buys 1 shirt ([tex]\frac{1 dollar}{1 shirt}[/tex]) as opposed to $8 dollars 8 shirts ([tex]\frac{8 dollars}{8 shirts}[/tex]) as mentioned in the question.

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Step-by-step explanation:

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x=3

Step-by-step explanation:

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Answers

Answer:   4/9

==============================================

Work Shown:

[tex]x = 0.\overline{4}\\\\x = 0.4444\ldots\\\\10x = 4.4444\ldots\\\\10x-x = 4.4444\ldots-0.4444\ldots\\\\9x = 4\\\\x = \frac{4}{9}\\\\\frac{4}{9} = 0.\overline{4}= 0.4444\ldots\\\\[/tex]

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Chapter 4
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Answers

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8850

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer:

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Step-by-step explanation:

The domain is the x value, which is the number of packages sold in this case.

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Answers

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Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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you can leave it here

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if you need the value of x

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Answers

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Yes, this relation is a function.

Step-by-step explanation:

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Answers

Answer:

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Step-by-step explanation:

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Answer:

C. 730

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Answers

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942.50

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Answers

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Answers

Answer:

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Step-by-step explanation:

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Answers

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Answers

Answer:

1.34%

Step-by-step explanation:

In order to find the percentage increase between these two prices, we must first find the difference in price. We calculate this by subtracting the final price by the initial price like so...

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Answers

Answer:

It is unidentified.

Step-by-step explanation:

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Answers

Answer:  3. Postulate

A postulate is something that is assumed to be true and there isn't a proof for it as its something foundational to help set up further proofs later down the road. Another example of a postulate is that a line is defined by two distinct points.

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Answer:

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Step-by-step explanation:

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Answer:

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Step-by-step explanation:

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