Probability that adelman able to make good on his promise

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Reference no: EM131370996

Corporate raider Asher Adelman, teaching a course at Columbia University's School of Business, made the following proposal to his students. He would pay $100,000 to any student who would give him the name of an undervalued company, which Adelman would then buy.

Suppose that Adelman has 15 students in his class and that 5% of all companies in this country are undervalued. Suppose also that due to liquidity problems, Adelman can give the award to at most three students.

Finally, suppose each student chooses a single company at random without consulting others. What is the probability that Adelman would be able to make good on his promise?

Reference no: EM131370996

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