Revision as of 23:54, 3 May 2023 by Admin (Created page with "A representative of a market research firm contacts consumers by phone in order to conduct surveys. The specific consumer contacted by each phone call is randomly determined....")
ABy Admin
May 04'23
Exercise
A representative of a market research firm contacts consumers by phone in order to conduct surveys. The specific consumer contacted by each phone call is randomly determined. The probability that a phone call produces a completed survey is 0.25.
Calculate the probability that more than three phone calls are required to produce one completed survey.
- 0.32
- 0.42
- 0.44
- 0.56
- 0.58
Copyright 2023. The Society of Actuaries, Schaumburg, Illinois. Reproduced with permission.
ABy Admin
May 04'23
Solution: B
For there to be more than three calls before one completed survey all that is required is the first three calls not result in a completed survey. This probability is (1 − 0.25)3 = 0.42.
Copyright 2023. The Society of Actuaries, Schaumburg, Illinois. Reproduced with permission.