Question

In: Statistics and Probability

The Federal Reserve reports that the mean lifespan of a five dollar bill is 4.9 years....

The Federal Reserve reports that the mean lifespan of a five dollar bill is 4.9 years. Let's suppose that the standard deviation is 2.1 years and that the distribution of lifespans is normal (not unreasonable!)

Find:

(a) the probability that a $5 bill will last more than 4 years.

(b) the probability that a $5 bill will last between 5 and 7 years.

(c) the 94th percentile for the lifespan of these bills (a time such that 94% of bills last less than that time).

(d ) the probability that a random sample of 37 bills has a mean lifespan of more than 5.1 years.

Solutions

Expert Solution

a) 0.66588

b) 0.322355

c) 8.165 years

d) 0.28119

orchestra answered 1 year ago
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