Question

In: Statistics and Probability

Suppose that you own a car dealership and purchase (randomly select) 10 cars of a certain...

Suppose that you own a car dealership and purchase (randomly select) 10 cars of a certain make from a production run of 200 cars. Of the 200 cars, 160 are destined to last at least five years without needing a major repair.

  1. Using the hypergeometric distribution what is the probability that at least 6 of your 10 cars will last at least five years without needing a major repair.

Solutions

Expert Solution

Hypergeometric Distribution .

Suppose a population consists of N items, k of which are successes. And a random sample drawn from that population consists on n items, x of which are successes. Then the hypergeometric probability is:

For the Given Problem,

Population : N : Number of cars in the production run = 200

Number of successes in the population : k : Number of cars that are destined to last at least five years without needing a major repair = 160

Number of items in the sample : n : Number of cars purchased(chosen randomly) = 10

X: Number of successes of the sample : Number of cars in the sample that are destined to last at least five years without needing a major repair

N-k = 200-160 = 40

Probability that at least 6 cars out 10 will last at least five years without needing a major repair = P(X6)

P(X6) = P(X=6) + P(X=7) + P(X=8) + P(X=9) + P(X=10)

P(X=6) + P(X=7) + P(X=8) + P(X=9) + P(X=10) = 0.08627+0.20518+0.30980+0.26832+0.10129=0.97086

Probability that at least 6 cars out 10 will last at least five years without needing a major repair = 0.97086


Related Solutions

You randomly select 36 cars of the same model that were sold at a car dealership...
You randomly select 36 cars of the same model that were sold at a car dealership and determine the number of days each car sat on the dealership’s lot before it was sold. The sample mean is 9.75 days, with a sample standard deviation of 2.39 days. Construct a 99% confidence interval for the population mean number of days the car model sits on the dealership’s lot
You randomly select 20 cars of the same model that were sold at a car dealership...
You randomly select 20 cars of the same model that were sold at a car dealership and determine the number of days each car sat on the dealership’s lot before it was sold. The sample mean is 9.75 days, with the sample standard deviation of 2.39 days. Construct a 99% confidence interval for the population mean number of days the car model sits on the dealership’s lot. Assume the days on the lot is normally distributed.
2. You randomly select 16 cars of the same model that were sold at a car...
2. You randomly select 16 cars of the same model that were sold at a car dealership and determine the number of days each car sat on the dealership’s lot before it was sold. The sample mean is 9.15 days, with a sample standard deviation of 1.6 days. Construct a 95% confidence interval for the population mean number of days the car model sits on the dealership’s lot. (10 p) (Round off final answers to two decimal places, if appropriate....
Write a Java program for a car dealership. The dealer has 10 cars in the showroom...
Write a Java program for a car dealership. The dealer has 10 cars in the showroom and space for 50 cars. Each car has a unique plate number, model, color, company, and a year of manufacture. Your program should have two classes: the "Car" class has the car information and the "info" method that displays the car information. The other class is an array class "CarArray" that has four methods:" display", "insert", "find", and the "delete" method. When the program...
You have been hired by a used-car dealership to modify the price of cars that are...
You have been hired by a used-car dealership to modify the price of cars that are up for sale. You will get the information about a car, and then change its price tag depending on a number of factors. Write a program (a script named: 'used_cars.m' and a function named 'car_adjust.m').The script passes the file name 'cars.dat' to the function. The following information is stored inside the file: Ford, 2010 with 40,000 miles and no accident at marked price of...
Calvin borrows $20,000 from a car dealership to purchase a vehicle. The car dealership charges 12%...
Calvin borrows $20,000 from a car dealership to purchase a vehicle. The car dealership charges 12% interest, compounded monthly. Calvin is expected to pay off the loan principal and all interest charged with equal monthly payments over a 3-year period. a. What will Calvin’s monthly payment need to be? (4 points) b. With the first monthly payment, how much of this payment will be “interest”, and how much of this payment will be “principal”? (4 points) c. Once the loan...
Calvin borrows $20,000 from a car dealership to purchase a vehicle. The car dealership charges 12%...
Calvin borrows $20,000 from a car dealership to purchase a vehicle. The car dealership charges 12% interest, compounded monthly. Calvin is expected to pay off the loan principal and all interest charged with equal monthly payments over a 3-year period. a. What will Calvin’s monthly payment need to be? (4 points) b. With the first monthly payment, how much of this payment will be “interest”, and how much of this payment will be “principal”? (4 points) c. Once the loan...
One of the cars sold by Walt's car dealership is a very popular subcompact car called...
One of the cars sold by Walt's car dealership is a very popular subcompact car called the Rhino. The final sale price of the basic model of this car varies from customer to customer depending on the negotiating skills and persistence of the customer. Assume that these sale prices of this car are normally distributed with a mean of $19900 and a standard deviation of $360. Round your answers to 2 decimal places. a. Dolores paid $19525 for her Rhino....
You own a car dealership and are trying to decide how to configure the showroom floor....
You own a car dealership and are trying to decide how to configure the showroom floor. The floor has 2000 square feet of usable space. You have hired an analyst and asked her to estimate the NPV of putting a particular model on the floor and how much space each model​ requires: Model NPV Space Requirement​ (sq. ft.) MB345 $ 2 comma 500$2,500 200 MC237 $ 5 comma 000$5,000 250 MY456 $ 4 comma 000$4,000 240 MG231 $ 1 comma...
A car dealership gets an allocation for 100 cars from the manufacturer. Model A can be...
A car dealership gets an allocation for 100 cars from the manufacturer. Model A can be sold at $4250 above factory invoice, Model B at $3500, Model C at $5500, Model D at $3250. In addition, since the dealership sold plenty of cars last year, the manufacturer also includes the halo model (specialized high end model), the Type GT RS-Rt Limited, in that allocation. This model can be marked up at $15000 above invoice. However, the manufacturer imposes these conditions:...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT