Answer:
The probability that a package will be redesigned exactly three times in the next 5 years = 0.21376
Step-by-step explanation:
This problem can be modelled as a Poisson distribution problem.
Poisson distribution formula is given as
P(X = x) = (e^-λ)(λˣ)/x!
where λ = mean = average number of times a package gets redesigned = 1 time per 2 years = 2.5 times per 5 years.
x = variable whose probability is required = exactly 3 times in 5 years.
P(X = 3) = (e⁻²•⁵)(2.5³)/3!
P(X=3) = 0.21376
