In a particular retail clothing store, approximately 30% of potential customers who walk into the store...

In a particular retail clothing store, approximately 30% of potential customers who walk into the store make a purchase.

In a random sample of 25 customers that walked into the store,

a. what is the probability that exactly 10 of the customers make purchases?

Round to 3 significant digits.

b. what is the probability that at least 2 of the customers make purchases?

Round to 3 significant digits.

c. how many of the customers are expected to make purchases?

Round to 3 significant digits.

d. what is the standard deviation of the number of customers who make purchases?

Round to 3 significant digits.

please provide correct answer.

Solutions

Expert Solution

Solution:

P( 10) = 0.092 ( Round to 3 significant digits )

Pr(X≥2)=P(2)+P(3)+P(4)+P(5)+P(6)+P(7)+P(8)+P(9)+P(10)+P(11)+P(12)+P(13)+P(14)+P(15)+P(16)+P(17)+P(18)+P(19)+P(20)+P(21)+P(22)+P(23)+P(24)+P(25)P(2)+P(3)+P(4)+P(5)+P(6)+P(7)+P(8)+P(9)+P(10)+P(11)+P(12)+P(13)+P(14)+P(15)+P(16)+P(17)+P(18)+P(19)+P(20)+P(21)+P(22)+P(23)+P(24)+P(25)

=0.0074+0.0243+0.0572+0.103+0.1472+0.1712+0.1651+0.1336+0.0916+0.0536+0.0268+0.0115+0.0042+0.0013+0.0004+0.0001+0+0+0+0+0+0+0+0

= 0.998

which means that the probability we are looking for is Pr(X≥2)=0.998

c) the customers are expected to make purchases

Mean μ=n⋅p=(25) * 0.3 = 7.5

orchestra answered 1 year ago

Next > < Previous

Related Solutions

Question 2) Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store...

Question 2) Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased during November and December may be returned through January 31, with a receipt, for cash or exchange. If the customer does not have a receipt, cash will still be refunded for any item under $75. If the item is more than $75, a check is...

Part 1. Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store...

Part 1. Internal Controls Ramona's Clothing is a retail store specializing in women's clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased during November and December may be returned through January 31, with a receipt, for cash or exchange. If the customer does not have a receipt, cash will still be refunded for any item under $75. If the item is more than $75, a check is...

The records of a computer retail store show that out of the 20 customers who purchased...

The records of a computer retail store show that out of the 20 customers who purchased a desktop computer last month, all but 5 also purchased a service plan that extends the warranty for an extra year. Out of the 100 customers who purchased a notebook computer last month, all but 12 purchased the same service plan. Fill in the blanks of the statement below to make the statement the most reasonable possible. Last month, customers of the store who...

Grand, Inc. is a retail clothing store that uses the "Retail" method to value inventory. The...

Grand, Inc. is a retail clothing store that uses the "Retail" method to value inventory. The following information is presented below regarding the current operations of the company: Cost Retail Initial Inventory 27,000 45,000 Purchase 58,000 116,000 Sales 125,000 Determine the ending inventory valuation for the current period using the "Retail Method":

A check-cashing store is in the business of making personal loans to walk-up customers. The store...

A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 7.3 percent interest per week. a. What APR must the store report to its customers? What EAR are customers actually paying? (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) Annual percentage rate % Effective annual rate % b. Now suppose the store makes one-week loans at...

Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...

Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2016: Cost Retail Inventory, January 1 $28,800 $41,500 Purchases 66,300 104,100 Markups (net) — 1,700 Markdowns (net) — 700 Sales — 82,300 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole...

Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The...

Retail Inventory Method Harmes Company is a clothing store that uses the retail inventory method. The following information relates to its operations during 2016: Cost Retail Inventory, January 1 $29,000 $40,200 Purchases 67,500 100,100 Markups (net) — 2,200 Markdowns (net) — 700 Sales — 88,400 Required: 1. Compute the ending inventory by the retail inventory method for the following cost flow assumption: FIFO. Round the cost-to-retail ratio to three decimal places. If necessary, round dollar amounts to the nearest whole...

C & S Department Store is the second largest clothing and retail store chain in Jamaica....

C & S Department Store is the second largest clothing and retail store chain in Jamaica. At present, they have 5 clothing and retail stores in all 14 parishes and are planning to expand to 7 stores per parish in the next 3 years. C & S Department Store has a centralized Human Resource Department located at its main office in Kingston. Unfortunately, although the HR processes are managed centrally, there are many HR tasks, policies and procedures that are...

1.A check-cashing store is in the business of making personal loans to walk-up customers. The store...

1.A check-cashing store is in the business of making personal loans to walk-up customers. The store makes only one-week loans at 7.1 percent interest per week. a. What APR must the store report to its customers? What EAR are customers actually paying? (Round your answers to 2 decimal places. (e.g., 32.16)) Annual percentage rate % Effective annual rate % b. Now suppose the store makes one-week loans at 7.1 percent discount interest per week. What’s the APR...

A program was created to randomly choose customers at a clothing store to receive a discount....

A program was created to randomly choose customers at a clothing store to receive a discount. The program claims 22% of the receipts will get a discount in the long run. The owner of the clothing store is skeptical and believes the program's calculations are incorrect. He selects a random sample and finds that 17% received the discount. The confidence interval is 0.17 ± 0.05 with all conditions for inference met. Part A: Using the given confidence interval, is it...

Subjects