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Probability

Several math questions

Question 1 A $400 loan is to be paid off in 66 monthly payments of $11.62. The borrower decides to pay off the loan after 18 payments. Use the rule of 78s to find the amount of interest saved. $194.13 $200.33 $195.16 $194.62 2.A pair of cuff links which sells for $100.00 has a markup rate

Super Bowl probability problem

The probability that San Francisco plays in the next Super Bowl is nine times the probability that they do not play in the next Super Bowl. The probability that San Francisco plays in the next Super Bowl plus the probability that they do not play is 1. What is the probability that San Francisco plays in the next Super Bowl?

Short Finance Problem (Four Simple Steps)

Deliverable Length: Graph plus document of explanantions and posting Details: At this point, you believe customers are now ready to begin risk analysis and understand the risk differences among various investments. The most basic fact you want to convey to them is risk and return?the greater the risk, the greater the expected

Problems: Probability, Markov Chain, Bayes' Theorem

1. A bag contains 10 red, 12 green, and 8 yellow marbles. Assuming that all marbles are equally likely to be picked from the bag, what is the probability that the second marble is yellow, given that the first marble was yellow? 2. Given the following information, calculate the Predictive value positive and the Predic

Probability in the Game of Russian Roulette

In the game of Russian roulette, one inserts a single bullet into the chamber of the drum of a revolver, leaving the other five chambers of the drum empty. One then spins the drum and pulls the trigger. a) What is the probability of being still alive after playing the game N times? b) What is the probability of surviving

Determining Probabilities

A person starts out from a tree in the middle of a street, taking steps of equal length either to the left or to the right with equal probability. What is the probability that the person will again be at the same tree after taking N steps? a) If N is even? b) If N is odd?

Powerball lottery probabilities

Powerball is a lottery game in which 5 white balls are chosen from a drum containing 55 balls and one red ball is chosen from a drum containing 42 balls. to win the jackpot, a player must match all 5 white balls and the red ball. other winners and their prizes are also shown in the attached table. -Why is the probability fo

Waiting Line Model Situation

In a waiting line model situation, arrivals occur around the clock at a rate of six per day, and the service occurs at one very three hours. Assume the Poisson and exponential distributions. a. What is Mean Arrival Rate? b. What is Mean Service Rate? c. Find probability of no units in the system. d. Find average number of

Probability of rejecting a batch shipment.

The Telektronic Company purchases large shipments of fluorescent bulbs and uses this acceptance sampling plan: Randomly select and test 24 bulbs, then accept the whole batch if there is only one or none that doesn't work. If a particular shipment of thousands of bulbs actually has a 4% rate of detects, what is the probability th

Binomial Probability Distributions: Finding Values Example

1. Finding μ, σ, and Unusual Values. Assume that a procedure yields a binomial distribution with N trials and the probability of success for one trial is P. Use the given values of N and P to find the mean N and standard deviation σ, Also, use the range rule of thumb to find the minimum usual value μ - 2σ and the maximum

Calculating various probabilities

A new drug cures 80% of the patients to whom it is administered. It is given to 25 patients. Find the probabilities that among these patients, the following results occur. a. Exactly 20 are cured. b. All are cured. c. No one is cured. d. Twelve or fewer are cured.

Statistic and Probability

Hello. Can anybody help e with these 6 example questions that were created. I want to use them as a study guide. 1. An unprepared student makes random guesses for the 10 true-false questions on a pop quiz. Find the probability that there is at least once correct answer. 2. A box contains four red, three blue, and six g

Statistics and Probability

Hello. Can anybody help me with these 6 example questions that were created. I want to use them as a study guide. 1. 45 Human Resource major students and 25 Culinary Arts major students had arrived. What is the empirical probability that the next student to come will be a Human Resource Major? 2. A box contains four red

Probability Computations for SImulation Tables

The time between arrivals of customers to a gas station pump is given by the following probability distribution time between arivals (min) probability 1 0.1 2 0.2 3 0.5 4 0.2 The time required by a customer is given by the following probability distri

Probability: Social Security Numbers

Can anybody help me with this two examples problems. Some of them are giving me a lot of numbers which it should give me a few numbers comparing them to the other results I was manage to do. ------------------------------------------------------------------------------------- 2. Social Security Numbers Each social security n

Probability Owner Computers

1. Letter and Digit. A new computer owner creates a password consisting of two characters. She randomly selects a letter of the alphabet for the first character and a digit (0,1,2,3,4,5,6,7,8,9) for the second character. What is the probability that her password is "k9"? Would this password be effective as a deterrent against so

Sample Probability

I need help towards doing this example. Men Women Boys Girls Survive 332 318 29 27 Died 1360 104 35 18 If one of the Titanic passengers is randomly selected, find the probability of getting a woman or someone who did not survived the sinking.

Distribution Theory.

Determine the distribution of Y = X_1 + X_2 + . . . + X_n by first determining the joint distribution of Z_1 = X_1 Z_2 = X_1 + X_2 Z_3 = X_1 + X_2 + X_3 . . . Z_n = X_1 + X_2 + X_3 + . . . + X_n and then computing the marginal distribution of Z_n According to my text book: Exp(a), a>0 has density

Probability: Binomial approximation to normal distribution

In a large university, 30% of the incoming first-year students elect to enroll in a personal finance course offered by the university. Find the probability that of 800 randomly selected incoming first-year students, at least 260 have elected to enroll in the course. Thanks.

Probability puzzle

A prison has 20 balls, 10 black and 10 white. The prisoner is to arrange the balls in 2 boxes. All of the balls must be used and there must be at least one ball in each box. An executioner will select one box at random and then one ball at random from the chosen box. The prisoner is set free if the ball is white and executed if

Conditional Probability: The Probability of Carrying a Disease

Question: A common test for AIDS is called to ELISA (enzyme-linked immunosorbent assay) test. Among 1 million people who are given the ELISA test, we can expect results similar to those given in the attached table. Please view the attachment for the rest of the question.

Conditional Probability Problem

Please help with the following probability problem. You are a member of a class of 18 students. A bowl contains 18 chips: 1 blue and 17 red. Each student is to take 1 chip from the bowl without replacement. The student who draws the blue chip is guaranteed an A for the course. (a) If you have a choice of drawing first, fi

Conditional Probability: Ball Colour

An urn contains four coloured balls: two orange and two blue. Two balls are selected at random without replacement, and you are told that at least one of them is orange. What is the probability that the other ball is orange?

Some Questions on Bayes Theorem (Conditional Probability)

Some questions on Bayes Theorem. Let A1 and A2 be the events that a person is lef-eye dominant or right-eye dominant......This should give you a good idea about the question. You may also look at the question in the attached file.

Probability and Combinations for Baseball World Series

The world series in baseball continues until either the American League team or the National League team wins four games. How many different orders are possible (e.g; ANNAAA means the American League team wins in six games) if the series goes (a) Four games? (b) Five games? (c) Six games? (d) Seven games?

Normal probability calculation ,

The average amount customers at a certain grocery store spend yearly is $636.55. Assume the variable is normally distributed. If the standard deviation is $89.46, find the probability that a randomly selected customer spends between $550.67 and $836.94.

Probability and Widgets

A factory has two machines that make widgets. The main machine, named Pacific makes 75% of all the widgest daily. It is known that 1% of the widgets made by Pacific are defective. However, 2% of the widgets made by the second machine named Atlantic, are defective a. what is the probability taht a widget produced by the factor

Probability and the Binomial Distribution

A manufacturing company has 10 machines in continous operation during a workday. The probability that an individual machine will break down during the day is .10. Determine the probability that during any given day 3 machines will break down.