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(solution) In economics, of all new products put on the market, 90% fail and


In economics, of all new products put on the market, 90% fail and are taken off the market within three years. Using normal approximation for this binomial distribution with correction for continuity; if a store introduces 70 new products, what is the probability that 57 or more will fail within the first three years?

Give answer accurate to three decimals; that is, for 0.12345 or 12.345%, give 0.1235.

 


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