Extremely easy probability Q. Watch

mrboomtastic1
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Report Thread starter 7 years ago
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Really easy question. Just got a different answer from friend.

When a company bids for contracts it estimates the probability of winning each contract is 0.2. Bids are made independently.

a) If the company bids for 5 contracts, what is the probability it wins i) at least one ii)at least two?

b) If the company wants to be at least 90% sure of winning at least one contract, what is the minimum number for which it should bid.


Thanks.
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ArsLongaVitaBrevis
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Report 7 years ago
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I) p (x=0) = 0.8^5 = 0.32768
1 - 0.32768 = 0.67232


II) p (x=1) = 5 * (0.2)(0.8)^4 = 0.4096
1 - (0.32768+0.4096) = 0.26272
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