Find the probability under Binomial distribution.
Hardware Store: Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store would gross over $850.
a. At least 3 out of 5 business days.
b. At least 6 out of 10 business days.
c. Fewer than 5 out of 10 business days.
d. Fewer than 6 out of the next 20 business days. If this actually happened, might it shake your confidence in the statement p = 0.60? Might it make you suspect that p is less than 0.60? Explain.
e. More than 17 out of the next 20 business days. If this essentially happened, may you suspect that p is greater than 0.60? Give details.