The life expectancy in the United States is 75 with a standard deviation of 7 years. A random sample of 49 individuals is selected. Round all probabilities to four decimal places.
What is the probability that the sample mean will be larger than 77 years? Answer
What is the probability that the sample mean will be within 1 year of the population mean? Answer
What is the probability that the sample mean will be within 2.5 years of the population mean? Answer
In: Statistics and Probability
The S&P 500 index current level is 3,000. The dividend yield on the index is equal to the risk- free rate of interest. Given volatility of the index of 25%:
a) Compute the probability that the index value in 6 months is
greater than 3,300.
b) Compute the probability that the index value in 6 months is less
than 2700.
c) Compute the probability that the index value in 6 months is
between 2700 and 3300
In: Accounting
One college class had a total of 80 students. The average score for the class on the last exam was 84.3 with a standard deviation of 5.4. A random sample of 34 students was selected.
a. Calculate the standard error of the mean.
b. What is the probability that the sample mean will be less than 86?
c. What is the probability that the sample mean will be more than 85?
d. What is the probability that the sample mean will be between 83.5 and 85.5?
In: Statistics and Probability
5 cards are drawn at random from a standard deck. Give your
answer as a fraction or decimal out to at least 4 significant
digits.
Find the probability that all the cards are
hearts.
Find the probability that all the cards are face
cards.
Note: Face cards are kings, queens, and jacks.
Find the probability that all the cards are
even.
(Consider aces to be 1, jacks to be 11, queens to be 12, and kings
to be 13)
In: Statistics and Probability
MBA 5008 Quanatitative Analysis
Most business decisions involve elements of uncertainty and randomness. The notion of probability is used everywhere, both in business and in our daily lives. I reviewed the following video and need some help answering this question: https://www.youtube.com/watch?v=_sY3ZRxhBaM
A. Explain the concept of probability by applying a specific application example of probability in business? B. Discuss the economic implications of the video?
In: Statistics and Probability
A recent survey shows that the average of American household’s annual expenditure on coffee is $54.16 with a standard deviation of $10.50. We randomly select a household. Assuming that the expenditure follows normal distribution, find:
a)The probability that their annual expenditure on coffee is less than $25?
b)The probability that it is more than $50?
c)The probability that it is between $40 and $60?
d)The amount less than which 95% of households spend on coffee?
In: Statistics and Probability
A bank has kept records of the checking balances of its customers and determined that the average daily balance of its customers is $300 with a standard deviation of $48, and is a normally distributed population. A random sample of 144 checking accounts is selected.
a) What is the probability that the sample mean will be at least $306.60?
b) What is the probability that the sample mean will be less than $308?
c) What is the probability that the sample mean will be between $302 and $308?
In: Statistics and Probability
Suppose that you have applied to two graduate schools and believe that you have a 0.6 probability of being accepted by school C, a 0.7 probability of being accepted by school D, and a 0.5 probability of being accepted by both.
A) Events (accepted by school C) and (accepted by school D) are independent. True or False
B) Events (accepted by school C) and (accepted by school D) are disjoint. True or False
In: Statistics and Probability
1. Given a binomial distribution, find the probability of 10 successes out of 15 trials, given p= .85
2. 40% of the population have brown eyes. find the probability that out of 25 people randomly selected at the most 15 have brown eyes.
3. a test consists of 25 multiple choice questions with 5 possible answers, 1 of standard deviation and the probability of getting 8 correct.
In: Statistics and Probability
One college class had a total of 80 students. The average score for the class on the last exam was 84.6 with a standard deviation of 5.3. A random sample of 34 students was selected.
a. Calculate the standard error of the mean.
b. What is the probability that the sample mean will be less than 86?
c. What is the probability that the sample mean will be more than 85?
d. What is the probability that the sample mean will be between 83.5 and 85.5?
In: Statistics and Probability