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Probability and Frequencies

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Banner Mattress and Furniture Company
The Banner Mattress and Furniture Company wishes to study the number of credit applications received per day for the last 300 days. The information is reported below:

Number of Credit Frequency
Applications (Number of Days)

0 50
1 77
2 81
3 48
4 31
5 or more 13

To interpret, there were 50 days on which no credit applications were received, 77 days on which only one application was received, and so on. Would it be reasonable to conclude that the population distribution is Poisson with a mean of 2.0? Use the .05 significance level. Hint: To find the expected frequencies use the Poisson distribution with a mean of 2.0. Find the probability of exactly one success given a Poisson distribution with a mean of 2.0. Multiply this probability by 300 to find the expected frequency for the number of days in which there was exactly one application. Determine the expected frequency for the other days in a similar manner.

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Solution Summary

Fully formatted solution contains step-by-step explanation on how to solve the problem using a chi-square test.

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