Auditors at the Valles Verdes Partners, P.S.C. took a sample of 150 accounts payable bills, as shown in the table found in the Excel worksheet Prob. 6-2 in the Excel workbook C06 Problem Data.

a. Find the proportion of the accounts payable in the sample that are classified as overdue by using the Excel COUNTIF function.

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b. If an auditor takes a random sample of only 15 accounts from this population, assuming that they follow a binomial distribution, what is the probability that (i) exactly 6 bills will be overdue? (ii) 3 or fewer bills will be overdue? (iii) 7 or more bills will be overdue? Use the binomial probability distribution formula and verify your result using Excel Binomial spreadsheet template.



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