1 answer
(click or scroll down)
To calculate the probability that exactly one business succeeds out of three, we need to consider the three possible scenarios:
1. Business 1 succeeds, Business 2 fails, Business 3 fails.
2. Business 1 fails, Business 2 succeeds, Business 3 fails.
3. Business 1 fails, Business 2 fails, Business 3 succeeds.
The probability of success for each business is 0.6, and the probability of failure is 0.4.
The probability of scenario 1 is:
(0.6)(0.4)(0.4) = 0.096
The probability of scenario 2 is:
(0.4)(0.6)(0.4) = 0.096
The probability of scenario 3 is:
(0.4)(0.4)(0.6) = 0.096
Adding these probabilities together gives us the total probability that exactly one business succeeds:
0.096 + 0.096 + 0.096 = 0.288
Therefore, the probability that exactly one business succeeds is 0.288, which is closest to 0.2880.