Math Problem Statement
39.7% of consumers believe that cash will be obsolete in the next 20 years. Assume that 6 consumers are randomly selected. Find the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years.
Solution
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Math Problem Analysis
Mathematical Concepts
Probability
Binomial Distribution
Formulas
Binomial Probability Formula: P(X = k) = (n choose k) * p^k * (1 - p)^(n-k)
Binomial Coefficient: (n choose k) = n! / (k!(n-k)!)
Theorems
Binomial Theorem
Suitable Grade Level
Grades 10-12
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