The PIRON Software Company currently develops marketing software for primarily service-based organizations. They are considering expanding their operations to product marketing in the Phoenix area. The sales representatives have contacted 500 companies, and in the past 6 months, secured contracts with 75 of those companies.
Based on the scenario above, if the sales team contacted 300 more companies in the next 90 days, what is the probability of securing a contract, and why is that the probability?