Answer:
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) :
= [tex]\binom{n}{0}p^{0}(1-p)^{n-0}[/tex]
= [tex]\binom{3}{0}(0.3)^{0}(1-0.3)^{3-0}[/tex]
= [tex]1\times 1 \times (0.7)^{3}[/tex]
= 0.343
Therefore, the probability that none of them has a degree in economics is 0.343.
