39.8% of consumers believe that cash will be obsolete in the next 20 years. Assume that 7 customers 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. What is the probability?

Here, we are required to find the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years.

The correct answer is Pr(C & fewer than 3) = 0.171

Let Pr(C) be the number of consumers who believe that cash will be obsolete in the next 20 years.

Therefore, since 39.8% believe so,

If 7 consumers are selected randomly, the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years will be;

Therefore the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years is;

Therefore, the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years is ;

Therefore, the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years is ;

Pr(C & fewer than 3) = 0.171

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