3.36. From past experience, it is known that 3% of accounts in a large accounting population are in error. What is the probability that the first account in error is found on the 5th try? What is the probability that the first account in error occurs in the first five audited accounts?
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The probability of not finding an error on the first try is 1 - 0.03 = 0.97 (since 3% of accounts are in error, the probability of not finding an error is 1 - 0.03 = 0.97). Similarly, the probability of not finding an error on the second, third, and fourth tries Show more…
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