Small Business Owners Seventy-six percent of small business owners do not have a college degree. If a random sample of 50 small business owners is selected, find the probability that exactly 40 will not have a college degree. Round the final answer to at least 4 decimal places and intermediate \( z \)-value calculations to 2 decimal places. \( P(X=40)=0.1109 \)

For a better understanding of the context, it’s interesting to note that small businesses have been a crucial part of the economy for centuries. They are often considered the backbone of the American economy, contributing significantly to job creation and innovation. Figures indicate that approximately 99.9% of all U.S. businesses are classified as small, showcasing their importance across various industries. In terms of real-world application, the probability calculated can be immensely useful for future business planning and workforce analysis. If a small business owner is considering hiring candidates without a college degree, understanding this probability can guide strategies for recruitment or training programs. It reveals insights about workforce demographics, which can inform decisions that align with business goals and community needs.