In an oil exploration in Arabic sea, suppose that the probability of an oil strike is 1 in 500 drilling. What is the probability of having exactly 1 oil producing well in 800 explorations.
Let p = 1 / 500 = 0.002, n = 800
According to the binomial distribution:
"P(x=k)=C_n^kp^k(1-p)^{n-k}\\\\\nP(x=1)=800p(1-p)^{800-1}=\\\\=800\\cdot0.002\\cdot0.998^{799}\\approx\\\\\n\\approx0.3232=32.32\\%"
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