The Business School atState University currently has three parking lots, each containing155 spaces. Two hundred faculty members have been assigned to eachlot. On a peak day, an average of 70% of all lot 1 parking stickerholders show up, an average of 72% of all lot 2 parking stickerholders show up, and an average of 74% of all lot 3 parking stickerholders show up.
a.Given the current situation, estimate the probability that on apeak day, at least one faculty member with a sticker will be unableto find a spot. Assume that the number who show up at each lot isindependent of the number who show up at the other two lots.Compare two situations: (1) each person can park only in the lotassigned to him or her, and (2) each person can park in any of thelots (pooling). (Hint: Use the RISKBINOMIAL function.) Ifneeded, round your answer to a whole percentage and if your answeris zero, enter "0".
b.Now suppose the numbers of people who show up at the three lots arehighly correlated (correlation 0.9). How are the results differentfrom those in part a? If needed, round your answerto a whole percentage.
| No pooling: | % |
| Pooling: | % |
| NEED HELP WITH PARTB | |
