A market-research firm has discovered that 30% of the people who earn between $25,000 and $50,000 per year have bought a new car within the past two years. Answer the following questions about a sample of 12 people with annual income between $25,000 and $50,000
1. What is the mean of this distribution?
The answer is 3.6...but how do you get that answer? Is there a short-cut way of getting the answer on my TI-83 Plus calculator?
2. What is the probability of encountering 0 or 1 person who bought a new car?
The answer is 0.085...but how do you get that answer? Is there a short-cut way of getting the answer on my TI-83 Plus calculator?