If the probability of a new employee in a fast-food chain still being with the c
ID: 3136309 • Letter: I
Question
If the probability of a new employee in a fast-food chain still being with the company at the end of the year is 0.7, what is the pnbsibility thin out of IKwry hied poopk: (A) 5 will still be with the company after 1 year? (B) 5 or more will still be with the company after 1 yearn Round each of the calculations to three decimal places when going through the solution process. (A) P(5 will still be there) ! (Round to three decimal places as needed.) (B) P(5 or more will still be there) (Round to three decimal places as needed.)Explanation / Answer
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Given
Probability of an employee working with the company at the end of the year is 0.7
=> Probability of employee not working with company at the end of year is 1 - 0.7 = 0.3
Now 8 of the employees are hired
a) Now probability of 5 employees still working with the company at the end of the year is
= 8C5 * (0.7)^5 (0.3 )^3
where 8 C5 denotes selection of 5 employees out of 8
= 0.254 Solution
b) Now probability of 5 or more employees still there is =
Probability of 5 employees + Probability of 6 employees + Probability of 7 employees + Probability of 8 emplooyees
= 8C5 * (0.7^5)(0.3^3) + 8C6 * (0.7^6)(0.3^2) + 8C7 * (0.7^7)(0.3^1) + 8C8 * (0.7^8)(0.3^0)
= 0.5188
Solution