Please use Excel for this and could you send me a few notes with step by step break-down on how to make it easy to figure out next time?
1. An American Society of Investors Survey found that 30% of individuals have used a discount broker. In a random sample of 9 individuals, what is the probability That:
a. Exactly 2 of the sampled individuals have used a discount broker?
b. exactly 4 of them used a discount broker?
c. None of them used a discount broker?
2. A Tamiami shearing machine isproducing 10 % defcetive pieces which is abnormally high. The quality-control engineer has been checking the output by almost continuous sampling since the abnormal condition began. What is the probabliblity that in the sample of 10 pieces:
a. exactly 5 will be defective?
b. 5 or more will be defective?
3. A normal population has a mean of 20.0 and a standard deviation of 4.0
a. What proportion of the population is between 2.0 and 25.0?
b. What proportion is less than 18.0?
4. The amounts of money requested in home loan applications at Down River Federal Savings are approx. normally distributed with a mean of $70,000 and a standard deviation of 20, 000. A loan application is received this morning. What is the probablity that:
a. The amount requested is 80,000 or more?
b. the amount requested is between 65,000 and 80,000?
c. The amount requested is $65,000 or more?
Detailed steps for the calculation of probability of binomial and normal distribution are included here.