According to a July, 1999, Article in the New York

Short Answer

According to a July, 1999, article in the New York Times, 13.5% of Internet stocks that entered the market in 1999 ended up trading below their initial offering prices. If you were an investor who purchased 3 Internet stocks at their initial offering prices, what was the probability that at least 2 of them would end up trading at or above their initial offering price (Round your answer to four decimal places.)