1. )A special deck of cards consists of 541
cards, 66 of which are red; the rest are
black. If a card is selected at random and you look at it and
remember what it is or write it down, then you replace
it into the same deck, shuffle the deck at least 7 times, then
select a card. 7 shuffles is an adequate number to thoroughly mix
the cards and prevent any doubts, Find the
probability that both cards are red. leave answer as an
unreduced fraction
In: Statistics and Probability
13. A bin contains 3 red and 4 green balls. 3 balls are chosen at random, with replacement. Let the random variable X be the number of green balls chosen. a. Explain why X is a binomial random variable. b. Construct a probability distribution table for X. c. Find the mean (expected value) of X. d. Use the law of Large Numbers to interpret the meaning of the expected value of X in the context of this problem.
In: Statistics and Probability
Suppose you pick people at random and ask them what month of the
year they were born in. Let X be the number of people you have to
ask until you findnd a person who was born in December. (Just
assume each month is equally likely to make it simpler.)
A) Find the probability that you had to ask exactly 9 people given
that you had to ask at least 3 people. Ans: 0.04944
In: Statistics and Probability
|
Consider the following table: |
| Stock Fund | Bond Fund | ||
| Scenario | Probability | Rate of Return | Rate of Return |
| Severe recession | 0.05 | −36% | −11% |
| Mild recession | 0.20 | −12% | 13% |
| Normal growth | 0.40 | 15% | 4% |
| Boom | 0.35 | 32% | 5% |
Calculate the value of the covariance between the stock and bond funds. Do not round intermediate calculations. Enter a decimal number rounded to 5 decimal places
| Covariance? |
In: Finance
Find the probabilities of getting the numbers from 1 to 6 upon rolling a die. Then find the probabilities of getting the numbers from 1 to 12 upon rolling two dice and summing the values that appear on their faces. Use technology to find and plot the corresponding probabilities for sums of 3, 4, 5, 10, 20, 50, and 100 dice. (a) As the number of dice increase, what shape does the probability distribution appear to approximate?
In: Statistics and Probability
Two fair dice are tossed, and (X,Y) denote the number of spots on the first and on the second dice. Consider two random variables: U = X + Y and W = | X - Y |.
A). Derive the distribution of U. List all possible values and evaluate their probabilities.
B). Derive the distribution of W. List all possible values and evaluate their probabilities.
C). Determine the conditional probability P[6 <= U <= 7 | W <= 1]
In: Statistics and Probability
The daily number of patients in the Emergency room is assumed to be normally distributed (bell shaped curve) with a mean of 200 and a standard deviation of 30. Answers not showing work will receive no credit.
9 Would 180 patients be an outlier?
In: Statistics and Probability
A major hurricane is a hurricane with wind speeds of 111 miles per hour or greater. During the last century, the mean number of major hurricanes to strike a certain country's mainland per year was about 0.59 Find the probability that in a given year (a) exactly one major hurricane will strike the mainland, (b) at most one major hurricane will strike the mainland, and (c) more than one major hurricane will strike the mainland.
In: Statistics and Probability
Let a bowl contain 15 chips of the same size and shape. Only one of those chips is red. Continue to draw chips from the bowl, one at a time at random and without replacement, until the red chip is drawn. Show your work.
a) Find the probability mass function of X, the number of trials needed to draw the red chip.
b) Compute the mean and variance of X.
c) Determine P(X <= 10).
In: Statistics and Probability
Let X represent number of times someone went to a bagel store in one month. Assume that the following table is the probability distribution of X: a. What are the “expected value” and “standard deviation” of X?
X 0 1 2 3
P(X) 0.10 0.30 0.40 0.20
__
Question: If I were to compute the conventional mean of X, my answer would be X=1.5. Why does the answer in (a) differ?
In: Statistics and Probability