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Binomial probability by normal curve areas

Nathan wants to approximate a binomial probability by normal curve areas. The number of trials is 50 and the probability of success for each trial is 0.95 Can Nathan use the normal curve area to approximate a binomial probability?

Net present value & capital budgeting

1) Assume a 3 year sports contract with the following provisions: - $1,400,000 signing bonus - $2,500,000 per year for 3 years - 10 years of deferred payments of $1,250,000 per year beginning in year 4 - Other bonus provisions that total as mush as $750,000 per year for the 3 years of the contract. Assume the player has a

Summation of x and Squares of x

The values (in thousands of dollars) of cars owned by six persons are 13, 9, 3, 28, , and 16. Where, X1 = 13, X2 = 9, X3 = 3, X4 =28, X5 = 7, X6 = 16 Calculate: a. ΣX b. ΣX c. (Σ X)

Comprehensive Statistics Problem Set

(See attached file for full problem description) --- 5.21 Assume that the number of network errors experience in a day on a local area network (LAN) is distributed as a Poisson random variable. The mean number of network errors experienced in a day is 2.4. What is the probability that in any given day a.) Zero network error

PERT Network: Given the following network with activities and times estimated in days. a. What are the critical path activities? b. What is the expected time to complete the project? c. What is the probability the project will take more than 28 days to complete?

21. Given the following network with activities and times estimated in days. (see attached file for diagram and chart) Activity Optimistic Most Probable Pessimistic A 2 5 6 B 1 3 7 C 6 7 10 D 5 12 14 E 3 4 5 F 8 9 12 G 4 6 8 H 3 6 8 I 5 7 12 J 12 13 14 K 1 3 4 a. What are the critical path activiti

Combinations, permutations, and mutual exclusivity

1. A husband and wife want to purchase wallpaper for their living room and paint for their kitchen. If they can choose from six different wallpaper patterns and ten different colors of paint, how many possible outcomes from this sequence of events do they have available? 720 16 7200 60

Function and Probability

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

Queueing Models

Each airline passenger and his or her luggage must be checked to determine whether he or she is carrying weapons onto the airplane. Suppose that at Gotham City Airport, 10 passengers per minute arrive, on average. Also, assume that inter-arrival times are exponentially distributed. To check passengers for weapons, the airport mu

Combinations and probabilities with and without replacement

#52 The first card selected from a standard 52-card deck was a king. If it is returned to the deck, what is the probability that a king will be drawn on the second selection? If the king is not replaced, what is the probability that a king will be drawn on the second selection? What is the probability that a king will

Uniform distribution and joint probabiliy

The probabilities of the events A and B are .20 and .30, respectively. The probability that both A and B occur is .15. What is the probability of either A or B occurring? America West Airlines reports the flight time from Los Angeles International Airport to Las Vegas is 1 hour and 5 minutes, or 65 minutes. Suppose the a

Quantitative Methods: Decision models: Payoff table

A buyer for a large department store chain must place orders with an athletic shoe manufacturer 6 months prior to the time the shoes will be sold in the department stores. In particular, the buyer must decide on November 1 how many pairs of the manufacturer's newest model of tennis shoes to order for sale during the upcoming sum

Quatitative Methods/Statistics/Business Math

(See attached file for full problem description) --- 1. A large sporting goods store is placing an order for bicycles with its supplier. Four models can be ordered: the adult Open Trail, the adult Cityscape, the girl's Sea Sprite, and the boy's Trail Blazer. It is assumed that every bike ordered will be sold, and their

20 percent employees steal and probability that 5 will steal

A recent report in Business Week indicated that 20 percent of all employees steal from their company each year. If a company employs 50 people, what is the probability that: a. Fewer than 5 employees steal? b. More than 5 employees steal? c. Exactly 5 employees steal? d. More than 5 but fewer than 15 employees steal?

Discrete Probability Distributions

1. The probabilities that a customer selects 1, 2, 3, 4 and 5 items at a convenience store are 0.32, 0.12, 0.23, 0.18, and 0.15, respectively. Fill in the probabilities. Outcome X 1 2 3 4 5 P(X) 2. A study conducted by a TV station showed the number of televisions pe

Assist w/ probability

1.Sixyy nine percent of adults favor gun licensing in general. Choose one adult at random. What is the probability that the selected adult doesn't believe in gun licensing? 2.In a recent year, of the 1,184,000 bachelor's degrees conferred, 233,000 were in the field of business, 125,000 were in the social sciences, and 106

Probability distribution

If the probability of getting caught copying someone else's exam is .1, find the probability of not getting caught in three attempts. Assume independence.

Probability Study Questions

A study by the National Park Service revealed that 50 percent of vacationers going to the Rocky Mountain region visit Yellowstone Park, 40 percent visit the Tetons, and 35 percent visit both. a. What is the probability a vacationer will visit at least one of these attractions? b. What is the probability .35 called? c. A

Cumulative Binomial Probability Distributions

A manufacturer of window frames know from long experience that 5% of the production will have some type of minor defect that will require an adjustment. What is the probability that in the sample of 20 window frames: A. None will need adjustment? B. At least one will need adjustment? C. More than two will need adjustment?

Approximating Probabilities of Workers that Use Public Transport

Suppose 5.9% of certain population use public transportation to get to work. You randomly select 380 workers and ask them if they use public transportation to get to work. Use the normal distribution to approximate the following probabilities. 1) find the probability that exactly 25 workers will say yes. 2) at least 25 wo

Poisson distribution of telephone calls

Telephone calls are being produced through a certain exchange at random times on the average of 4 per min. Determine the probability in a 15 second interval there are 3 or more calls.

Help understanding statistics problem

Cruise ships of the Royal Viking line report that 80 percent of their rooms are occupied during September. For a cruise ship having 800 rooms, what is the probability that 665 or more are occupied in September?

Venn Diagrams, Probability of Selecting, Probability of Failure

See the attached file. 1. The Venn diagram displays the results of all of the register voters in the county. What is the probability that a registered voter in the county vote in the election? 2. A certain virus infected one in every 200 people. A test used to detect the virus in a person is positive 99% of the time if the p