excel A car insurance company has determined that 8% of all drivers were involved in a car accident last year. If 15 drivers are randomly selected, what is the probability of getting 3 or more who were involved in a car accident last year

And we can find the individual probabilites using the probability mass function and we got:

And replacing we got:

Step-by-step explanation:

For this case we can assume that the variable of interest is "drivers were involved in a car accident last year" and for this case we can model this variable with this distribution:

And for this case we want to find this probability;

and we can use the complement rule and we got:

And we can find the individual probabilites using the probability mass function and we got:

And replacing we got:

b

step-by-step explanation:

(a) {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …}

(b) $59 398

step-by-step explanation:

(a) the annual sequence of profits

aₙ = a₁rⁿ⁻¹

the model for the sequence of profits is {a₁, a₁r, a₁r², … a₁rⁿ⁻¹, …} .

(b) profit after 15 yr

  a₁ = $ 30 000

  r = 1.05

a₁₅ = 30 000 × 1.05¹⁴

a₁₅ = 30 000 × 1.979 93

a₁₅ = $59 398

the profit in year 15 will be $59 398.