Given this - how do you find C - what do you plug into Excel?
Investment advisors agree that near-retirees, stated as people aged 55-65, should have balanced portfolios. Most advisors suggest that the near-retirees have no more than 50% of their investments in stocks. But, throughout the huge decline in the stock market in 2008, 22% of near-retirees had 90% or more of their investments in stocks. Suppose you have a random of 10 people who would have been labeled as near-retirees in 2008. What is the probability that during 2008:
c)two or fewer had 90% or more of their investments in stocks?