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A grocery store manager discovers that on any given weekend 70% of the customers sales amount to more than $100. What is the probability that the first 2 sales will be over $100?
Statistics and Probability, Statistics
In a hypothesis test, we use a sample to gain insight on what is likely the outcome for the population. In your example, that is a probability of 1 out of 20 as there were 20 people in the class. A hypothesis test might ...
A random group of 20 depressive patients has been given the MMPI. Their scores on a depression scale are as follows: 30 45 32 28 33 25 37 32 34 32 26 35 30 34 35 31 36 26 42 39 Construct a frequency distribution. Then ma ...
Suppose a life insurance company sells a $230,000 ?one-year term life insurance policy to a 20?-year-old female for ?$330. The probability that the female survives the year is 0.999642. Compute and interpret the expected ...
A restaurant manager classifies customers as regular, occasional, or new, and finds that of all customers 50%, 40%, and 10%, respectively, fall into these categories. The manager found that wine was ordered by 70% of the ...
Find the modified internal rate of return (MIRR) The annual rate is 8.24%. Initial outlay is $356,800. Year 1: $163,100 Year 2: $173,100 Year 3: $181,300 Year 4: $175,700 Year 5: $161,400
An investor considers investing $10,000 in the stock market. He believes that the probability is 0.30 that the economy will improve, 0.40 that it will stay the same, and 0.30 that it will deteriorate. Further, if the eco ...
Folgers has specified that the average amount of coffee that goes into one of their small coffee cans is not to exceed 13.24 ounces. A quality control inspector for Folgers takes a random sample of 16 cans and found the ...
A researcher records the following number of birdcalls made during an experimental session with robins: 8.4 0.9 (M SD). Assuming these data are normally distributed, what is the probability that robins made more than 11 ...
A stock's price fluctuations are approximately normally distributed with a mean of $104.50 and a standard deviation of $23.62. You decide to purchase whenever the price reaches its lowest 20% of values. What is the most ...
Doctor wants the estimate the HDL cholesterol of all 20 to 29 year old females. How many subjects are needed to estimate the HDL cholesterol within 3 points with 99% confidence assuming o=18.2? Suppose the doctor would b ...
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