In one country, there exists a food and drug administration that has veto power over the choice of drug names. Last year, it used this power regularly, rejecting 39% of the names proposed by companies for reasons such as sounding too much like another product. Suppose that a company spends $400,000 developing each proposed name, but there's a 50-50 chance of a name being rejected. Complete parts (a) and (b) below.
If the review of names occurs independently, what is the probability that the company will spend more than $800,000 developing a
name?