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Problem regarding the binomial distribution

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Binomial Distribution

  • According to Cerulli Associates of Boston, 30% of all CPA financial advisors have an average client size between $500,000 and $1 million. Thirty-four percent have an average client size between $1 million and $5 million. Suppose a complete list of all CPA financial advisors is available and 18 are randomly selected from that list.
  • Write a typed paper that answers the following (Answers only within the paper and calculations in an appendix section by hand or Excel)

1. What is the expected number of CPA financial advisors that have an average client size between $500,000 and $1 million?  What is the expected number with an average client size between $1 million and $5 million?

2. What is the probability that at least eight CPA financial advisors have an average client size between $500,000 and $1 million?

3. What is the probability that two, three or four CPA financial advisors have an average client size between $1 million and $5 million?

4. What is the probability that none of the CPA financial advisors have an average client size between $500,000 and $1 million?  What is the probability that none have an average client size between $1 million and $5 million?  Which probability is higher and why?

Reference no: EM131402689

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