Expected number and standard deviation of customers

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Reference no: EM132241474

21. The records of a department store show that 20% of their customers who make a purchase return the merchandise for exchange. If the distribution of the random variable X describing the number of returned purchases from a randomly selected 100 customers is binomial, then answer the following questions:

a) Fill in the blanks: X~B(---,---)

b) What are the expected number and standard deviation of customers who return the merchandise for exchange? Show the formulas and your work.

c) What is the probability that at least 16 customers return the merchandise for exchange? Show the Excel formula(s)/function(s) and values entered that you used to answer this question.

Reference no: EM132241474

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