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Find probability of covering the transportation costs

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Reference no: EM132903753

How many minimum number of people would have to visit the store to give you at least a 0.95 probability of covering the transportation costs and the additional fee? Use as 0.28 the probability of a widget being selected by a person.

HINT: You need to sell at least 40 widgets to cover transportation cost and the additional fee. So the number of "successes" need to be greater than equal to 40. The probability of "success" in each trial is 0.28. Now use the BINOM.DIST function trying out various values for "n", the number of trials.

Reference no: EM132903753

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