(Solved) The Hemingway Financial company prepares tax returns for individuals. According to the IRS, individuals making between $25,000 and $50,000 are
Question: The Hemingway Financial company prepares tax returns for individuals. According to the IRS, individuals making between $25,000 and $50,000 are audited at a rate of 1%. The Hemingway Company prepares 5 tax returns for individuals in that tax bracket, and three of them are audited.
- Find the probability that when 5 people making $25,000-$50,000 are randomly selected, exactly 3 are audited.
- Find the probability that at least 3 people are audited.
- Based on the preceding results, what can you conclude about the Hemingway customers? Are they just unlucky or they are being targeted.
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