Probability-commercial success

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Reference no: EM1312261

In a recent article Crawford notes that the failure rate of new products remains exceedingly high. Lack of product distinctiveness is the reason listed most often by experts seeking to understand the problem. A major publisher of books has estimated from experience that the probability that a new publication becomes a commercial success is 10% and that the success of one publication is independent of the success of another. Suppose that during a given year the publisher introduces three new books to the newsstands of the country.

What is the probability that none are a commercial success?

Reference no: EM1312261

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