Question

In: Statistics and Probability

A store gathers some demographic information from their customers. The following chart summarizes the age-related information...

A store gathers some demographic information from their customers. The following chart summarizes the age-related information they collected:

Age Number of Customers
<20<20 67
[20-29) 68
[30-39) 87
[40-49) 57
[50-59) 62
≥60≥60 58



One customer is chosen at random for a prize giveaway.

Enter your answers as either decimals or fractions, not as percents.

What is the probability that the customer is at least 20 but less than 60?    

(Round to 4 places)

What is the probability that the customer is either older than 60 or younger than 30?    

(Round to 4 places)

What is the probability that the customer is at least 60?    

(Round to 4 places)

Solutions

Expert Solution

Solution:

Given:

Age Number of Customers
<20 67
[20-29) 68
[30-39) 87
[40-49) 57
[50-59) 62
≥60 58
N = 399

Part a) What is the probability that the customer is at least 20 but less than 60?

P( 20 ≤ X < 60 ) =..............?

P( 20 ≤ X < 60 ) = Number of customers between 20 and 60 / N

Age Number of Customers
<20 67
[20-29) 68
[30-39) 87
[40-49) 57
[50-59) 62
≥60 58
N = 399

P( 20 ≤ X < 60 ) = ( 68+87+57+62) / 399

P( 20 ≤ X < 60 ) = 274 /399

P( 20 ≤ X < 60 ) = 0.6867

the probability that the customer is at least 20 but less than 60 is 0.6867

Part b) What is the probability that the customer is either older than 60 or younger than 30?  

P( X < 30 or X > 60) =...........?

P( X < 30 or X > 60) = P( X < 30) + P( X > 60)  

Age Number of Customers
<20 67
[20-29) 68
[30-39) 87
[40-49) 57
[50-59) 62
≥60 58
N = 399

where

P( X < 30) = Number of customers < 30 / N

P( X < 30) = (67+68) / 399

P( X < 30) = 135 / 399

and

P( X > 60) = Number of customers > 60 / N

P( X > 60) = 58 / 399

thus

P( X < 30 or X > 60) = P( X < 30) + P( X > 60)  

P( X < 30 or X > 60) = 135 / 399 + 58 / 399

P( X < 30 or X > 60) = ( 135 + 58 ) / 399

P( X < 30 or X > 60) = 193 / 399

P( X < 30 or X > 60) = 0.4837

the probability that the customer is either older than 60 or younger than 30 is 0.4837

Part c) What is the probability that the customer is at least 60?    

P( X  ≥ 60) =...........?

P( X  ≥ 60) = Number of customers ≥ 60 / N

Age Number of Customers
<20 67
[20-29) 68
[30-39) 87
[40-49) 57
[50-59) 62
≥60 58
N = 399

P( X  ≥ 60) = 58 / 399

P( X  ≥ 60) = 0.1454

the probability that the customer is at least 60 is 0.1454


Related Solutions

Write a program that gathers input from the user and writes the information out to a...
Write a program that gathers input from the user and writes the information out to a file (output.txt).   Your main method should gather the input, calculate the average, and write the output. You should have a separate method that writes the output to a file. You can have other methods as well if you choose. However, you MUST have at least one other method in addition to the main method. Inputs: Student Number Name Class name Grades 1-5 (5 individual...
In a retail store, a sample of 36 customers had an average age of 38.7 years...
In a retail store, a sample of 36 customers had an average age of 38.7 years and standard deviation is 12.5. A retail store owner claims that the average age of their customers is less than 40 years old. Test this claim at = 0.05 . i want a clear answer ‏please
A sporting goods store believes the average age of its customers is 35 or less. A...
A sporting goods store believes the average age of its customers is 35 or less. A random sample of 42 customers was​ surveyed, and the average customer age was found to be 39.2 years. Assume the standard deviation for customer age is 9.0 years. Using alphaαequals=0.10 complete parts a and b below. a. Does the sample provide enough evidence to refute the age claim made by the sporting goods​ store? Determine the null and alternative hypotheses. Upper H 0H0​: muμ...
Question 1) Some customers have not purchased any products. The store hopes to encourage these customers...
Question 1) Some customers have not purchased any products. The store hopes to encourage these customers to buy their products through various discount coupons. For this purpose, the store's management would like to see all details of customers who have never purchased any products.  Use at least one RIGHT JOIN in this query. Question 2) Some products have never been purchased by any customer. The store's management is considering removing these products from their shelves. They would like to get a...
An investor gathers the following information regarding three stocks, which are not in the market portfolio:...
An investor gathers the following information regarding three stocks, which are not in the market portfolio: Stocks Expected Return Standard Deviation Beta A 20% 39% 1.7 B 23.5% 34% 1.4 C 22.5% 31% 1.2 Given that the return on the market portfolio is 15% with a standard deviation of 21%, and the risk-free rate is 5%, answer the following questions: a) Calculate Jensen's alpha for stocks A, B, and C. (6 points) b) Calculate non-systematic variance for stocks A, B...
Q1)The following information summarizes all cash-related transactions for BBB.Ltd in 2018: 1. BBB. Ltd had $25,000...
Q1)The following information summarizes all cash-related transactions for BBB.Ltd in 2018: 1. BBB. Ltd had $25,000 cash in its Bank account at the start of 2018. 2. On 1 January 2018 the company took out a $75,000 loan from Arab Bank. The loan has an annual interest rate of 15%. The interest on the loan was paid on time in 2018. BBB .Ltd sells its products to customers on credit (the agreed credit term is 30 days). During 2018, it...
The following data summarizes a study of online expenditures of groups of male and female customers...
The following data summarizes a study of online expenditures of groups of male and female customers for a particular web store. The population variances are known to be equal.   (5)Test whether the average expenditures of men are higher than women using alpha 0.10. (5) Test that the standard deviation of male customers is more than $94. Use alpha = 0.10. MALE FEMALE Sample mean $352 $310 Sample standard deviation $95 $80 Sample size 13 16
Write a C program that summarizes an order from a fictitious store. You must have these...
Write a C program that summarizes an order from a fictitious store. You must have these four lines in your program: float bike_cost, surfboard_cost; float tax_rate, tax_amount; int num_bikes, num_surfboards; float total_cost_bikes, total_cost_surfboards; float total_cost, total_amount_with_tax;
Write a C program that summarizes an order from a fictitious store. You must have these...
Write a C program that summarizes an order from a fictitious store. You must have these four lines in your program: float bike_cost, surfboard_cost; float tax_rate, tax_amount; int num_bikes, num_surfboards; float total_cost_bikes, total_cost_surfboards; float total_cost, total_amount_with_tax; You will assign your own unique values for each of the variables, except the totals which are computed. No other variables are needed in the program. For example, you will see the numbers I picked in my program in the sample output below. I...
A store owner claims the average age of her customers is 32 years. She took a...
A store owner claims the average age of her customers is 32 years. She took a survey of 34 randomly selected customers and found the average age to be 35.7 years with a standard error of 1.631. Carry out a hypothesis test to determine if her claim is valid. (a) Which hypotheses should be tested? H0: μ = 35.7 vs. Ha: μ ≠ 35.7 H0: μ = 32 vs. Ha: μ ≠ 32     H0: μ = 32 vs. Ha: μ...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT