40.3% of consumers believe that cash will be obsolete in the next 20 years. Assume that 8 consumers are randomly selected. Find the probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years.

Answer:
Given Data:
The probability of success (p)=0.403
The sample size (n)=8

→ The probability that fewer than 3 of the selected consumers believe that cash will be obsolete in the next 20 years :
P(x<3)=∑(x=0)^(x=2)▒〖nC_x×p^x×(1-p)^(n-x) 〗 =∑(x=0)^(x=3)▒〖8C_x×〖0.403〗^x×(1-0.403)^(8-x) 〗
=0.309