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A binomial tail and the least sample size
After the Monetary Authority of Singapore’s report on the structured financial products sold by financial institutions in Singapore, a survey found that 95% of the respondents would favour greater consumer protection.
(i) Find the probability that out of 30 respondents, 25 of them would favour greater consumer protection.
(ii) Find the least number of respondents surveyed such that the probability that at least 40 of them would favour greater consumer protection exceeds 0.980.
[2009/CJC/II/9]
CJC · Discussion · Question 3
Use a complementary cumulative probability for “at least 40,” then test adjacent integer sample sizes.