Then using the binomial tables approximate this probability


Suppose that you own an electronics store and purchase (randomly select) 15 TV sets from a production run of 500 TV sets. Of the 500 TV sets, 450 are destined to last at least five years without needing a single repair. Set up an expression using the hypergeometric distribution for the probability that at least 14 of your 15 TV sets will last at least five years without needing a single repair. Then, using the binomial tables, approximate this probability by using the binomial distribution. What justifies the approximation? Hint: p= r/N =450/500 =0.9.

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Finance Basics: Then using the binomial tables approximate this probability
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