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?

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?

Solution Summary

Detailed steps for the calculation of probability of binomial and normal distribution are included here.

What is a probability distribution and its purpose?
Distinguish between discrete and continuousprobabilitydistributions. Give an example of each.
What is randomness? Assume you have an Excel worksheet of the dimension, A1:E101. The first row contains data labels. How would you randomize the data file and to select a

Please choose the correct answer and write briefly why.
A property of continuousdistributions is that:
a. As with discrete random variables, the probability distribution can be approximated by a smooth curve
b. Probabilities for continuous variables can be approximated using discrete random variables
c. Unlike discret

Question 1:
When is the mean the best measure of central tendency? When is the median the best measure of central tendency? Explain.
Questions 2:
A researcher has determined that the distribution of annual salaries of NBA players is bell-shaped and symmetrical about the mean salary, do you think that introducing Michael

Define probabilitydistributions. Describe two common probabilitydistributions.
Looking for a good original (yet cited) response to this definition. And if you can describe two common ones with an example for each that would be great.

Give an example representing a discreteprobability distribution and another example representing a continuousprobability distribution. Explain why your choices are discrete and continuous.
Please provide me an insightful analysis of the question is lengthy in response and include specific examples.

What are the two basic laws of probability? What are the differences between a discreteprobability distribution and a continuousprobability distribution? Provide at least one example of each type of probability distribution.
Answer

See attached files.
See attached Practice Business Statistics for Management and Economics ch 7 & 8. The answers are highlighted in yellow. I have difficulty setting up the steps in Excel to come up with the correct answers. I need to see how the answers are derived in Excel.
I have found the data required for problems

See attached file - Formulas for DiscreteProbabilityDistributions
A discrete random variable can have the values, x = 3, x = 8, or x = 10, and the respective probabilities are 0.2, 0.7, and 0.1. Determine the mean, variance, and standard deviation of x.
(6.5)

(a) Explain the difference between mutually exclusive and independent events. Can a pair of events be both mutually exclusive and independent? Give examples.
(b) Discuss the problems inherent in using words such as "likely," "possibly," or "probably" to convey degree of belief.
(c) One way a discreteprobability distribu