Every year, VIU offers an early retirement incentive for its older staff and faculty. VIU HR department has found that approximately
22%
of the employees qualifying for the program will select early retirement during the first year of eligibility. This year, VIU randomly selected 50 of its older staff and faculty and offered the early retirement program to them. (i) What is the probability that between
16%
and
24%
of the sample will elect early retirement in the first year? (iii) For the program to be successful as a cost-saving venture, VIU HR department believes that it should entice at least
20%
of the selected old staff and faculty to elect early retirement in the first year. What is the probability that the program will be successful this year?