Math Problem Statement
39.9% of consumers believe that cash will be obsolete in the next 20 years. Assume that 7 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
P(X = k) = C(n, k) * p^k * (1 - p)^(n - k)
Theorems
Binomial Theorem
Suitable Grade Level
Grades 10-12
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