In a certain country, there is a bank failure once every six years, on average. What is the probability of at least one bank failure in the next 30 years?
a) 0.992 b) 0.994 c) 0.996 d) 0.998

Question

In a certain country, there is a bank failure once every six years, on average. What is the probability of at least one bank failure in the next 30 years?
a) 0.992  b) 0.994  c) 0.996  d) 0.998

anonymous · Answer

i would say $$1 - (\frac{ 1 }{ 6 })^{30}$$

anonymous · Answer

Okay, the only thing with this is when I plug it into my calculator I get an answer of 1 which isn't one of the choices.

anonymous · Answer

sorry try $$1 - (\frac{ 1 }{ 6 })^{5}$$

anonymous · Answer

With this I get a result of (and I'm rounding off here) 0.999 which would just round up to being 0.1.

anonymous · Answer

i guess try D 0.998...