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Back to 7.4 Finite Population Correction Factor

7.4 Exercise 3

Avg difficulty 2.5

When a customer places an order with Rudy's On-Line Office Supplies, a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded their credit limit. Past records indicate that the probability of customers exceeding their credit limit is .06.

Suppose that on a given day, 3,000 orders are placed in total. If we randomly select 360 orders, what is the probability that between 10 and 20 customers will exceed their credit limit?

OpenStax Introductory Business Statistics 2e, 7.4 Finite Population Correction Factor, exercise 3

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Adapted from Introductory Business Statistics 2e © 2023 Rice University. Licensed under CC BY 4.0. Source: Introductory Business Statistics 2e. Imported at revision 50ec917.