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# Probability

### Probability - Multi Project

B6. (Expected return and risk) Procter & Gamble is considering three possible capital investment projects. The projected returns depend on the future state of the economy as given here. State of the Probability of Projected Return Economy Occurance 1 2 3 Recession 0.1 9% 3% 15% Stable 0.7 13% 10% 11% Boom

### Probability

The mayor of a small town would like to know whether a local bond issue is likely to pass or not. He mails a survey to 500 randomly selected voters. How many returns must he get in order to know the proportion that will support the bond issue within an error of 5% and a confidence level of 95%? If he gets a 60% return from th

### Probability a Meeting will Take Place

A corporate executive officer is attempting to arrange a meeting of his three vice presidents for tomorrow morning. He believes that each of these three busy persons, independently of the others, has about a 60% chance of being able to attend the meeting. If the meeting will be held tomorrow morning only if everyone can atten

### Probability

A certain Airplane has two independent alternators to provide electrical power. The probability that a given alternator will fail on a 1 hour flight is .02. what is the probability that (a) both will fail? (b) Neither will fail? (C) One or the other will fail. Show all steps carefully

### Probability of a Major

At a certain school, there were 600 science majors, 200 engineering majors, and 500 business majors. If a student is selected at random, what is the probability that the student is an engineering major?

### Binomial Probability Distributions

Given the following information about motor vehicles, motor vehicle accidents and cost of repair for last year: # of registered motor vehicles (millions) 215 # of vehicles involved in an accident (millions) 21.3 Cost of accident (\$ billions) 192 A) What is the probability that a randomly selected vehicle is involved i

### Binomial Probability Distributions

Assume a restaurant business succeeds 60% of the time. Suppose that there are three such restaurants open in your city. When they don't compete with one another, it is reasonable to believe that their relative success would be independent. [Hint:use binomial probability distribution function in Megastat or Phstat] A) What is th

### Probability of Average Height

The average height of a willow tree in a nursery is 11 ft. If the heights are normally distributed with a standard deviation of 1.6, find the probablility that a randomly selected willow tree in a nursery is less than 13 ft.

### Decision Analysis Problem

A vendor at the a baseball stadium must decide whether to sell ice cream or soft drinks at today¿s game. The vendor believes that that the profit will depend on the weather. On the basis of her past experience at this time of year, the vendor estimates the probability of warm weather as 0.60 and cool weather as 0.40. The payoff

### Help needed with probabilities

See attached file which includes the data, The attached excel file contains data obtained from 274 couples regarding their education level, annual salary, the value of the cars that they own, the value of their homes, their total savings value (including stocks and bonds) and their social climber index (scale of 1-10, where

### Need help in solving problems with break even, probability distribution and stand deviation using formulas in excel

1. Administrators at a university are planning to offer a summer seminar. It costs \$3000 to reserve a room, hire an instructor, and bring in the equipment. Assume it costs \$25 per student for the administrators to provide the course material. If we know that 20 people will attend, what price should be charged per person to break

### Statistics of Airplanes Failing

# 5.62: A certain airplane has two independent alternators to provide electrical power. The probabilty that a given alternator will fail on a 1-hour flight is .02. What is the probability that (a) both will fail? (b) Neither will fail? (c) One or the other will fail? Show all steps carefully. a) The likelihood that the first

### Probabilities in transmitting messages with noise.

When a message is sent electronically, it is usually sent as a stream of bits, each of which can be either a 0 or 1. If the digital channel is noisy, then each bit has some probability of being flipped. Assume that a message is sent through a noisy channel where the probability that any individual bit will be flipped is 0.2.

### Binomial distribution

According to a recently conducted survey, 90% of all drivers in Trinidad and Tobago claim to consistently driver over the legal speed limit. Assume that this result is true for the current population of the Cayman Islands. Find the probability that, in a random sample of 20 drivers: 1. None of them drive over the legal limi

### Quantitative Methods

Management Science 1. There is a fixed cost of \$50,000 to start a production process. Once the process has begun, the variable cost per unit is \$25. The revenue per unit is projected to be \$45. Find the break-even point. 2. Administrators at a university are planning to offer a summer seminar. It costs \$3000 to reserve

### Probabilities and statistics for a random variable

1. Let f(x) = 2e^(-(x-3)/c), 3 < x < infinity (zero otherwise) be a p.d.f. of a random variable X. a. Find c b. Find the CDF of X and sketch the CDF c. Compute P(-5 < X < 10) 2. A candy maker produces mints that have a label weight of 30 grams. Assume that the distribution of the weights of these mints is N(30, 2^2).

### Binomial Distribution of Insurance Policy

5. An insurance policy reimburses a loss in excess of a 250 deductible. The policyholder's loss, X, follows an exponential distribution with mean 1,000. What is the expected value of the benefit paid under this insurance policy? The attachment contains 2 other problems.

### Find probability of height

A survey was conducted to measure height of men. In survey, respondents were grouped by age. In the 20-29 age group, the heights were normally distributed, with a mean of 69.2 inches and a standard deviation of 2.0 inches. a) Find probability that his height is less than 66 inches? b) Find probability that his height is

### Conducting Normal Probability Calculations

Please help with the following probability problems. In a survey of women in a certain country (ages 20-29), the mean height was 66.6 inches with a standard deviation of 2.71 inches. Answer the following questions about the specified normal distribution. a) What height represents the 85th percentile in inches? (Roun

### Statistics - Estimate Probability

Carbon monoxide emissions for a certain kind of car vary with a mean u=2.3 g/mi. and a standard deviation o=0.7 g/mi. A company has 60 of these cars in their fleet. Let y represent the mean CO level for the Company fleet. Estimate the probability the y is between 2.4 and 2.5 g/mi. P(2.4< Y <2.5)= Note: "There is suppo

### Probability of Defect

In a shipment of 40 television, 3 are defective. if 2 television sets are randomly selected and tested without replacement, what is the probability that both are defective?

### Method for Calculation of Probability Based on Z Score

Answer the questions about the specified normal distribution. a. The lifetime of ZZZ batteries are normally distributed with a mean of 265 hours and a standard deviation of 10 hours. Find the number of hours that represent the the 40th percentile. b. Scores on an English placement test are normally distributed with a m

### Normal Probability: Probability Based on Z Score

Normal Distributions: Find Probabilities 1. The diameters of a wooden dowel produced by a new machine are normally distributed with a mean of 0.55 inches and a standard deviation of 0.01 inches. What percent of the dowels will have a diameter less than 0.57? 2. The a loan officer rates applicants for credit. Ratings are

### Amount of Sandwich Possibilities

For a special price, one may choose two kind of deli meat, two kind of cheese, and one type of bread. if there are eight choices of meat. five choices of cheese, and five choices of bread, how many different sandwiches with two meats and two cheeses on one type of bread will be possible?

### Florida lottery combinations

In the Florida lottery, six numbers from 1 to 53 must be selected. to win the jackpot, the six numbers must match the draw numbers. how many combinations of six numbers are numbers are possible in the Florida lotto game?

### Possible Outcomes Possible If Both Numbers Are Even

Box A contains the numbers 1, 2, 3, and 4. Box B contains the numbers 5, 6, 7, and 8. A number is first drawn from Box A and then another number from Box B. How many outcomes are possible if both numbers are even?

### Discrete Probability Distribution for Hand Simulations

8. Perform a hand simulation for the first three customers to arrive at a ticket booth to purchase a ticket. Discrete probability distributions for the two uncertain events are presented below in one minute intervals. Assume the ticket booth opens at 7:00 AM. Assume two digit numbers were selected from a table of random number

### Probability in Recent Polls

In a recent poll, 58% of the surveyed said that they will take shorter trips to keep the vacation expenses down. If 3 people are randomly selected, what is the probility that all 3 will take shorter trips?

### Probabilities of Life Insurance Purchase

In a typical month, an insurance agent presents life insurance plans to 40 potential customers. Historically, one in four such customers chooses to buy life insurance from this agent. Based on the relevant binomial distribution, answer the following questions; a) What is the probability that exactly 5 customers will buy life

### Weekly Demand of a Fiat Car

The weekly demand for Fiat car sales follows a normal distribution with mean 50,000 cars and standard deviation 14,000 cars. a) There is a 1% chance that Fiat will sell more than what number of cars next year? b)What is the probability that Fiat will sell between 2.4 and 2.7 million cars during the next year? Please a