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A company establishes a fund of 120 from which it wants to pay an amount, c, to any of its 20 employees who achieve a high performance level during the coming year. each employee has a 2% chance of ac
A company establishes a fund of 120 from which it wants to pay an amount, c, to any of its 20 employees who achieve a high performance level during the coming year. each employee has a 2% chance of achieving a high performance level during the coming year. the events of different employees achieving a high performance level during the coming year are mutually independent. calculate the maximum value of c for which the probability is less than 1% that the fund will be inadequate to cover all payments for high performance. (a) 24 (b) 30 (c) 40 (d) 60 (e) 120
