An American Association of Individual Investors (AAII) survey found that 23% of AAII members had purchased shares of stock directly through an initial public offering (IPO). In a sample of 12 AAII members,
a) What is the probability that exactly 3 members had purchased IPO's?
b) What is the probability that at least one member has purchased IPO's?
c) What is the probability that two or more members have purchased IPO's?