Stephanie M. answered 06/09/15
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Any given participant has a 1/5 chance of guessing correctly and a 4/5 chance of guessing incorrectly.
PROBABILITY THAT EXACTLY 0 GUESSED CORRECTLY:
(4/5)(4/5)(4/5)(4/5)(4/5)(4/5)(4/5)(4/5) = (4/5)8 = 0.167
PROBABILITY THAT EXACTLY 1 GUESSED CORRECTLY:
(1/5)(4/5)7 = 0.041943
Since any 1 of the 8 participants could have guessed correctly, multiply this by (8 choose 1) = 8:
(0.041943)(8) = 0.336
PROBABILITY THAT EXACTLY 2 GUESSED CORRECTLY:
(1/5)(1/5)(4/5)6 = 0.010486
Since any 2 of the 8 participants could have guessed correctly, multiply this by (8 choose 2) = 28:
(0.010486)(28) = 0.294
Add those together to find the probability that no more than 2 guessed correctly:
0.167 + 0.336 + 0.294 = 0.797