Thirty percent of the CFA candidates have a degree in economics. A random sample of three CFA candidates is selected. What is the probability that none of them has a degree in economics?

0.343

Explanation:

Given that,

Percent of CFA candidates have a degree in economics, p = 30% = 0.3

Random sample of CFA candidates, n = 3

Here, we are using the binomial distribution.

Let X be the number of CFA candidates having economics degree.

Probability that none of them has a degree in economics, P(X = 0) :

=

=

=

= 0.343

Therefore, the probability that none of them has a degree in economics is 0.343.

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