The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, with a mean of $70,000 and a standard deviation of $20,000. A loan application is received this morning. What is the probability? a. The amount requested is $80,000 or more? b. The amount requested is between
Please help me with an assignment by answering the following: A manufacturer claims that the life span of its products is normally distributed, with a mean of 21.9 hours and a standard deviation 102 hours. A test is made of 20 products and the sample time are shown below. Find the mean and the standard deviation of the sample
When is understanding the normal distribution and the factors that affect its shape important in solving business and marketing-related questions?
Ms. Lisa Monnin is the budget director for nexus media inc. She would like to compare the daily travel expenses for the sales staff and the audit staff. She collected the following sample information: Sales ($): 131,135,146,165,136,142 Audit ($): 130,102,129,143,149,120,139 At the .10 significance level, can she conclude
The mean of land and buildings per acre from a sample of farms was $637, with a standard deviation of 26. Use Empirical Rule to find approximate percentage of acreage whose values were between $ 661 and $663. Approximate %
Attached is the daily closing price of the stock (xmsr). Decide whether the data appears to be normally distributed by: 1. Record the daily changes in the closing stock price of each day. a) Make a stem and leaf display, histogram or polygon, and box and whisker plot. b) Evaluate the actual versus theoretical properti
A work-study engineer times a certain operation, and discovers that the average time it takes is 10 minutes, but on 15% of occasions it takes more than 13 minutes. Assuming that times for the operation follow a normal distribution, what is its standard deviation?
1. What are the only three ways to setup the Hypothesis (Ho & H^)? ( the last symbol "^" is in the bottom of the H) 2. What are the assumptions regarding a large one sample z-test and what Excel aid would you use to perform the test, Data Analysis or MacDolt? 3. What are the assumptions regarding a small one sample t-test
WNAE, an all-news AM station, finds that the distribution of the lengths of time listeners are tuned to the station follows the normal distribution. The mean of the distribution is 15.0 minutes and the standard deviation is 3.5 minutes. What is the probability that a particular listener will tune in: a. More than 20 minutes?
If 65% of the population of a large community is in favor of a proposed rise in school taxes, approximate the probability that a random sample of 100 people will contain a) at least 50 who are in favor of the proposition b) between 60 and 70 inclusive who are in favor c) fewer than 75 in favor
In 1998, Mark McGwire of the St. Louis cardinals hit 70 home runs, a new Major League record. Was this feat as surprising as most of us thought/ In the three seasons before 1998, McGwire hit a home run in 11.6% of his times at bat. He went to bat 509 times in 1998. If he continues his past performance, McQwire's home run count i
A product sold by Home Depot, Inc., with an annual demand of 1000 units has Co = $25.50 and Ch = $8. The demand exhibits some variability such that the lead-time demand follows a normal probability distribution with µ = 25 and standard deviation = 5. a. Determine the recommended order quantity. b. Determine the reorder p
The proportion of defective telephones manufactured on Mondays is 0.3. If a sample of 20 telephones is selected, what is the probability that 5 of the phones in the sample are defective? Use the normal distribution to approximate the binomial. Since this is a continuous distribution approximating a discrete distribution, use
When is understanding the normal distribution and the factors that affect its shape important in solving business and marketing-related questions? Explain with a simple example.
What is an important difference between the uniform and normal probability distributions? The mean, median and mode are all equal . The mean and median are equal They are negatively skewed About 68% of all observations are within one standard deviation of the mean.
The National Quality Research Center at the University of Michigan provides a quarterly measure of consumer opinions about products and services (The Wall Street Journal, February 18, 2003). A survey of 10 restaurants in the Fast Food/ Pizza group showed a sample mean customer satisfaction index of 71. Past data indicate that th
The mean television viewing time for Americans is 15 hours per week (Money, November 2003). Suppose a sample of 60 Americans is taken to further investigate viewing habits. Assume the population standard deviation for weekly viewing time is 4 hours. a. Determine the probability the sample mean will be within 1 hour of the pop
A normal distribution has a mean of 500 and a standard deviation of 50. A manager wants to simulate 2 values from this distribution, and has drawn these random numbers: -0.6 and 1.4. What are the 2 values respectively?
I know this problem is very easy, finding E(x) from the distribution function. I tried to do it by integration by parts, one way I took x to be my first function and the whole exp term to be my 2nd function, but it didn't work, then I split the exponential term to 2 terms combined one with x as my first function and took the sec
(See attached file for full problem description) A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and analyzed with the following results: _ x = $50.00 a
Approximately 5% of U.S. families have a net worth in excess of $1 million and thus can be called millionaires. However, a survey in the year 2000 found that 30% of Microsoft's 31,000 employees were millionaires. If random samples of 100 Microsoft employees had taken that year, what's the probability that the sample proportion
The diameter of a Ping-Pong ball manufactured at a factory is expected to be approximately normally distributed with a mean of 1.30 inches and a standard deviation of 0.04 inch. What is the probability that a randomly selected Ping-Pong ball will have a diameter between 1.31 and 1.33 inches? A. 0.0987 B. 0.1747 C. 0.2734
A company that sells annuties must base the annual payment on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What pr
(See attached file for full problem description) --- 4. Consider independent random variables, Xi, where Let Y = (a) Determine fY (y). Describe this distribution. Hint: This is probably easiest using moment generating functions.
A computer laboratory in a school has 33 computers. Each of the 33 computers has a 90% reliability. Allowing for 10% of the computers to be down, an instructor specifies an enrollment ceiling of 30 for his class. Assume that a class of 30 students is taken into the lab. a. What is the probability that each of the 30 students
Ward Doering Auto Sales is considering offering a special service contract that will cover the total cost of any service work required on leased vehicles. From experience, the company manager estimates that yearly service costs are approximately normally distributed, with a mean of $150 and a standard deviation of $25. a. If
Assume that the life in hours of a radio tube is normally distributed with mean 100 hours. If a purchaser requires at least 90 percent of them to have lives exceeding 80 hours, please show that the largest value that sigma can have and still have the purchaser satisfied is 15.6.
1. Can you please provide a description of the 3 primary financial statements (balance sheet, income statement, and statement of cash flows) and what each statement tells users about an organization 2. Explain the components of each statement (assets, liabilities, equity, revenues, expenses) 3. Explain the set of activiti
Whenever you apply for credit someone will check your credit score. Here is some data obtained from one of the agencies that administers the credit score. The following is a distribution of FICO scores across the country: a. Over 800-11% of the population b. 700-800 - 49% of the population c. 600-700 - 27% of the pop
When dealing with college education one could argue that overall grades received by students follow a normal distribution or bell curve. Hence, grading on a curve (the standard bell curve or normal distribution) might be fair and mirror the overall trend of the student population. Do you think that this approach is fair? D