1. A new book is being released and a bookstore predicts that 70% of customers that walk through the door on the release day will purchase the book. If 30 customers walk through the door, answer the following: (MUST SHOW WORK)
A) What type of distribution function (name) is the model for this situation?
B) What is the expected number of requests for the new book (based on the 30 customers)?
C) What is the variance?
D) What is the probability that at most 20 people will want the book?
E) How many copies of the book should the bookstore have on hand, if the store wants the probability of not having enough books to satisfy the demand to be less than 5%?

2. The national population distribution of scores on a high school graduation equivalency test is normal with a mean of 75 and a standard deviation of 12 (on a scale of 1 to 100).
A) If a student is randomly selected, what is the probability this his score is less than 69?
B) If a sample of 16 students are taken from this distribution what is the probability that the mean of the sample will be less than 69?

Solution Preview

Please see the attached file.

1) A building is purchased with a principal amount to pay down of $108000. The payments will be made in 20 EQUAL, end of year (not monthly!) installments. What are the equal installments if the annual interest rate is 10%?

The annual payments would represent an annuity that has a present value of $108,000, ...

Solution Summary

This Solution contains over 200 words and calculations to aid you in understanding the Solution to these questions.

... The sum of all probabilities in any probability distribution is always exactly 1.25. Answers to questions related to Probability function, distribution, value ...

Statistics: Probability density function, central limit theorem. ... c) If n, is large, can you describe fully, the probability density function of Xbar? ...

... mail-order solicitation is a random variable X having the density function given in #4 ...Probability, Random Variables and Density Functions are investigated. ...

... b), if its probability density function is constant ... independent random variables, their probability density functions... are the marginal density functions of the ...

Density Functions: Time takes students to finish aptitude test. ... constant c. b) Plot the density function c) Calculate the probability that a student ...

... This is a set of questions regarding probability, moment generating functions, and limit ... x (t ) = e 2 ( e −1) is moment generating function of poisson ...

... or graph of the probability density function f(x ... Since continuous probability functions are defined for an infinite ... a continuous interval, the probability at a ...

... C. Show that your probability distribution satisfies the conditions required for a discrete probability function. ... The following probability function st. ...