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A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N?   a. The probability that N is greater than 40 is around 0.89.     b. The probability that N equals 101 is around 0.14.     c. The probability that N is greater than 50 is around 0.77.     d. The probability that N is less than 75 is around 0.69.

A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N?   a. The probability that N is greater than 40 is around 0.89.     b. The probability that N equals 101 is around 0.14.     c. The probability that N is greater than 50 is around 0.77.     d. The probability that N is less than 75 is around 0.69.

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter1: Functions
Section1.EA: Extended Application Using Extrapolation To Predict Life Expectancy
Problem 7EA
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A realtor has 25 similar properties to sell. Each month, the number she sells is binomially distributed with parameters n=number remaining to be sold and p=0.05. Let N be the number of months it takes to sell all 25 properties. By convention, let N=101 if at least one property is still not sold after 100 months. After running a simulation with at least 5,000 replications, what is the most realistic conclusion about N?

  a. The probability that N is greater than 40 is around 0.89.  
  b. The probability that N equals 101 is around 0.14.  
  c. The probability that N is greater than 50 is around 0.77.  
  d. The probability that N is less than 75 is around 0.69.
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