Step 1 :This problem is about the binomial distribution. We are given the probability of success (\(p = 0.8\)), the number of trials (\(n = 7\)), and we need to find the probability of having fewer than three successes (\(k < 3\)). The formula for the binomial distribution is: \(P(X=k) = C(n, k) * (p^k) * ((1-p)^(n-k))\), where \(C(n, k)\) is the combination of n items taken k at a time.
Step 2 :However, since we need to find the probability of having fewer than three successes, we need to sum up the probabilities for \(k = 0\), \(1\), and \(2\).
Step 3 :The calculation gives us a probability of approximately 0.00467.
Step 4 :Final Answer: The probability that fewer than three of the selected adults watch prime-time live is approximately \(\boxed{0.00467}\).