Question: In a survey, 60% of people prefer tea over coffee. If 5 people are randomly selected, what is the probability that exactly 3 prefer tea?
Options:
Correct Answer: 0.3456
Solution:
Using the binomial probability formula, P(X=3) = C(5,3) * (0.6^3) * (0.4^2) = 10 * 0.216 * 0.16 = 0.3456.