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Using a z-score to solve probability

Fluctuation in the prices of precious metals such as gold have been empirically shown to be well approximated by a normal distribution when observed over short interval of time. In May 1995, the daily price of gold (1 troy ounce) was believed to have a mean of $383 and a standard deviation of $12. A broker, working under these a

Finite problems

7. Use the table to find the probabilities that a person's total charges during the period are the following: What is the probability that a person total charges are $1000 or more?___________ (type an integer or decimal group or 2 decimal places as needed) Chart shows probability of a person accumulating specific amounts of c

Pre-Calculus Questions

1) Jack and Jill ran a 200 meter race. Jill ran the race in 25 seconds and won by 5 meters; that is Jack had run only 195 meters when Jill crossed the finish line. They decide to race again, but this time Jill starts 5 meters behind the starting line. Assuming that both runners run at the same pace as before, who will win the se


I have completed some of the question. I need help with the formulas on how to solve the problems along with making sure what I have done is correct. 5.2 Textbook p 282 Exercises 22, 24, 32 A golf ball is selected at random from a golf bag. If the golf bag contains 9 Titleist's, 8 Maxflis, and 3 Top Flites, find the pro

The answer to Normal distribution problems

1. If the random variable z is the standard normal score and a > 0, is it true that P(z > -a) = P(z < a)? Why or why not? 2. Given a binomial distribution with n = 20 and p = 0.26, would the normal distribution provide a reasonable approximation? Why or why not? 3. Find the area under the standard normal curve for the foll

Odds and probability

A casino states that the house odds (note: house odds are the odds that the gambler will lose) for a certain game are 23 to 2. What are the odds that you, the gambler, would win the game? What is the probability that you would win the game?

Probability of Random Selection

1. A ball is randomly selected from a jar containing 70 red balls, 20 green balls, and 10 blue balls. What is the probability that a non-red ball is chosen? 2. The students in the 12-member advanced communications design class at Center City Community College are submitting a project to a national competition. They must sel

Examples of Probability and Statistics in Real Life

Can you think of situations in the business world or other real life situations where you would need to calculate or estimate probabilities? From a business perspective, which measurement is more important: the mode, mean, or median?

State Lottery and Coin Toss

Consider a state lottery that has a weekly television show. On this show, a contestant receives the opportunity to win $1 million. The contestant picks from 4 hidden windows. Behind each is one of the following: $150,000, $200,000 $1 million, or a "stopper". Before beginning, the contestant is offered $100,000 to stop. Mathemati

Managerial Business

A couple has agreed to attend a "Casino Night" as part of a fundraiser for the local hospital. They do not like to gamble because they believe that gambling is generally a losing proposition. However, for the sake of the charity, they have decided to attend and spend $300 on the games. There will be four games, each involving st

independent events based probability

A company operates a telephone order system for a catalogue of its outdoor clothing products. The catalogue orders are processed in three stages. In the first stage, the telephone operator enters the order into the computer; in the second stage, the items are secured and batched in the warehouse; and in the final stage, the orde

Probability Case Study - Parke-Davis

Parke-Davis data: A group of 100 people were in a study involved treatment with Lipitor. Unbeknownst to the subjects, some of them were given Liptor and some were given placebo (sugar pill) as shown in the table. Lipitor (T)...........Placebo (S) Headache (H) 15..............65 No Headache (N)

Queuing Theory

The manager of the Radford Credit Union(RCU) wants to determine how many part-time tellers to employ to cover the peak demand time in its lobby from 11:00 am to 2:00 pm. RCU currently has three full-time tellers that handle the demand during the rest of the day, but during this peak demand time, customers have been complaining t

Probability in a Grab Bag

A grab bag contains 10 $1 prizes, 7 $5 prizes, and 5 $20 prizes. Three prizes are chosen at random. Find the following probabilities. The probability that exactly two $20 prizes are chosen is (Round to nearest thousandth as needed) The probability that one of each prize is chosen is (Round to nearest thousandth as need


About 30% of adults in United States have college degree. (probability that person has college degree is p = 0.30). If N adults are randomly selected, find probabilities that 1) exactly X out of selected N adults have college degree 2) less than X out of selected N adults have college degree 3) greater than X out of sel

A probability distribution

Let x determine a random variable, and user your knowledge of probability to prepare a probability distribution. Five cards are drawn(with replacement) and the number of red cards is noted. A probability distribution for the given experiment is as follows x 0 1 2 3 4 5 P(x)_________________5___1

Probability of an Event

1. If the probability of an event is .857, what is the probability that the event will not occur? 2. A baseball player with a batting average of .300 comes to bat. What are the odds in favor of the ball player getting a hit?

Probability: continous random variable

The problem is attached. Let X be a continuous random variable with probability density function fx, and set Y = cX, where c is a non-zero constant. Prove that the probability density function of Y is given by fY(x) = fX(x/c)/c.

Calendar orders

The J&B Card Shop sells calendars depicting a different Colonial scene each month. The once-a-year order for each year's calendar arrives in September. From past experience, the September to July demand for the calendars can be approximated by a normal probability distribution with r=500 and o=120. The calendars cost $1.50 each,

Probability Theory Applied to House Sales

The probability that house sales will increase over the next six months is estimated at .25. It is also estimated that the probability is .74 that 30 year fixed-loan mortgage rates will increase over this period. Economists estimate that the probability is .89 that either housing sales or interest rates will increase. The probab

Queuing and Birth Death process problem: Operation Research Management

Q1) During the year 2000, there was an average of .022 car accident per person in the United States. Using your knowledge of the Poisson random variable, explain the truthin the statement, "Most drivers are better than average." Q2) My home uses two light bulbs. On average, a light bulb lasts for 22 days (exponentially distrib


1. This problem is in reference to students who may or may not take advantage of the opportunities provided in QMB such as homework. Some of the students pass the course, and some of them do not pass. Research indicates that 40% of the students do the assigned homework. Of the students who do homework, there is an 80% chance the

Description of Card Probability

Please help answer the following questions. Eight cards are chosen at random from an ordinary deck of 52 cards. What is the probability that exactly one suit is represented among these 8 cards? Exactly 2 suits?

Probability when throwing five six-sided dice

Please help with the following problem. Compute the probabilities for each of the following when you throw five six-handed dice. 1) What is the probability that all five have different numbers? 2) What is the probability that at least four are the same? 3) What is the probability that exactly three are sixes?

Probability and computing the odds

Compute the odds of each of the following events and rank them in order of decreasing likelihood. 1) picking the right lottery numbers(5 different numbers between 1 and 59) plus the right "power ball" (a number between 1 and 39). **The 5 numbers between 1 and 59 do NOT need to be chosen in the correct order. What impact does


The chart below gives the number or vehicle tags sold in each city. CITY NUMBER OF VEHICLE TAGS SOLD bristol 1,863 trevor 3,507 camp lake 2,457 salem

Find the probability.

A card is drawn at random from a standard 52-card deck. Find the probability that the card is not a queen.


Please list as many different groups of complete events as possible for an experiment of your choice (Probability). Need real world example on complete events Definition of complete groups of events:A complete group of events is a group of incompatible events, such that at least one of them must occur as a result of an experi

Goodness-of-Fit and Contingency Tables

(1) Records of randomly selected births were obtained and categorized according to the day of the week that they occurred. Because babies are unfamiliar with our schedule of weekdays, a reasonable claim is that births occur on the different days with equal frequency. Use a 0.01 significance level to test that claim. Provide an e