Step 1 :Calculate the combinations for 7 items taken 4 at a time: \(C(7, 4) = \frac{7!}{4!(7-4)!} = 35\)
Step 2 :Calculate the probability of guessing 4 questions correctly: \((1/5)^4 = 0.0016\)
Step 3 :Calculate the probability of guessing the remaining 3 questions incorrectly: \((4/5)^3 = 0.512\)
Step 4 :Multiply these values together to find the probability of guessing exactly 4 questions correctly: \(P(4) = 35 * 0.0016 * 0.512 = 0.028672\)
Step 5 :\(\boxed{P(4) \approx 0.029}\) when rounded to three decimal places
Step 6 :Calculate the combinations and probabilities for guessing exactly 3, 5, 6, and 7 questions correctly in a similar way
Step 7 :\(P(3) = C(7, 3) * (1/5)^3 * (4/5)^4 = 0.103\)
Step 8 :\(P(5) = C(7, 5) * (1/5)^5 * (4/5)^2 = 0.006\)
Step 9 :\(P(6) = C(7, 6) * (1/5)^6 * (4/5)^1 = 0.001\)
Step 10 :\(P(7) = C(7, 7) * (1/5)^7 * (4/5)^0 = 0.000\)
Step 11 :Add these probabilities together to find the probability of guessing more than 2 questions correctly: \(P(\text { More than } 2) = 0.103 + 0.029 + 0.006 + 0.001 + 0.000 = 0.139\)
Step 12 :\(\boxed{P(\text { More than } 2) \approx 0.139}\) when rounded to three decimal places