Question

Ian owns a small business selling used books. He knows that in the last week 122 customers paid cash, 14 customers used a debit card, and 4 customers used a credit card.

Answer 1

The number of customer you expect to pay with a credit card will be 51 customers.

How to find that a given condition can be modeled by binomial distribution?

Binomial distributions consist of n independent Bernoulli trials.

The expected value will be

E(X) = np

Ian owns a small business selling used books.

He knows that in the last week 122 customers paid cash, 14 customers used a debit card, and 4 customers used a credit card.

If next week, he is expecting 1800 customers.

Then the number of the customer you expect to pay with a credit card will be

n = 1800

The probability of the customer who pays with a credit card will be

p = 4/140

p = 0.02587

Then the expected value will be

E(x) = 1800 x 0.02587

E(x) = 51.42

E(x) ≅ 51

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