Estimating the required probability

Reference no: EM1322980

Estimate the required probability that the store will gross over $850.

Income Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability the store will gross over $850

a) At least 3 out of 5 business days.

b) At least 6 out of 10 business days.

Reference no: EM1322980

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