Binomial Process Question

Question

A series of n independent trials are run for a Binomial Process with probability of success p. If the mean is found to be 2.4 and the variance is 1.7, what is p? (Please answer to 3 decimals of accuracy - compare the formulas and use some algebra.

Answer 1

Based on the information you are given: np = 2.4 and npq = 1.7.

 

If you divide the second equation by the first you will get a value for q. Then p=1-q.

 

 

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