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Suppose that 20% of all subscribers to a nationally circulated business magazine earn an income in excess of $40,000. The magazine polls 15 subscribers at random to determine the income category into which each falls. (report your answer to 3 decimal places, using conventional rounding rules)
a. What is the probability that none of the 15 subscribers earn more than $40,000?
b. What is the probability that at least 3 but no more than 5 of the 15 subscribers earn more than $40,000?
c. What is the mean of this probability distribution?
d. What is the standard deviation of this probability distribution?
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