4) A building developer has the opportunity to purchase several acres of land that is divided up into several lots for building single-family homes. It is known that the average sale price of all of the lots is $80,000 and the standard deviation of the sale price is $12,000. What can you say about the percentage of lots that have selling prices between $56,000 and $104,000?
Choose one answer.
a. approximately 95% of the selling prices lie in this interval
b. at most 25% of the selling prices lie in this interval
c. at least 75% of the selling prices lie in this interval
d. approximately 99.7% of the selling prices lie in this interval
e. none of these
Also,

6) One of the problems encountered by corporations in America is finding an adequate number of employees who want to move into management. Recent surveys of workers in America taken by the Department of Labor in Washington D. C. revealed that only 20% of employees would like to move into management and be the boss. Suppose that a random sample of 75 U.S. workers was taken and each person was asked whether or not they would like to move into management. Find the probability that at least 18 of the 75 sampled employees would like to move into management.
Choose one answer.
a. 0.7690
b. 0.8440
c. 0.1560
d. 0.2310
e. none of these

Please provide a solution with detailed steps.

Solution Summary

The solution file contains the answers and a detailed explanation also.

... x-bar + width = 62.2655 The confidence interval is [57.7345 ...probabilities for Question 1 and Confidence intervals in respect ... a) What is the probability that a ...

... The solution provides step by step method for the calculation of testing of hypothesis, confidence interval, normal probability, binomial probability and ...

... Hence the probability is 90% that the sample ... The confidence interval width decreases as sample size ... Hence the width of the confidence intervals calculated in (a ...

...Confidence Interval Interval Lower Limit 3.32 Interval Upper Limit ... Common Data Mean 50000 Standard Deviation 3500 Probability for a Range From X Value ...

... classified in two categories d. The probabilities must remain ... questions on Normal distribution, Binomial distribution, Probability, Confidence interval etc. ...

... p is lies in the interval. (0.01238, 0.02552). The very large sample accounts for no proble. The expert examines probability, samples and confidence intervals. ...

... method for the calculation of confidence interval, sample size ... have used the normal distribution probability table to calculate probabilities involving the ...