Assignment:
Dan must sell 3 diamond rings this week to meet his quota. He is meeting up with 5 possible customers, each who wants a different ring. If he has a 30% chance of making the sale with each customer, what is the probability that he will meet his quota by tomorrow.
Now suppose 3 of his customers want the same ring, and they will go to another store if its already been sold. Would it be appropriate to use the binomial distribution under these conditions? Why or why not?
Provide complete and step by step solution for the question and show calculations and use formulas.