Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Statistics and Probability Expert

Question: The finance department of a large organisation has responsibility for monitoring costs in other departments of the organisation. A photocopier facility is available for one department's use and data has been collected which reveals that the number of photocopies made on the machine on a daily basis follows the Normal distribution; the mean of the distribution is 380 copies per day with a standard deviation of 35. The cost per copy is estimated at 6p.

(a) Determine the probability that daily costs incurred on the photocopier machine will be:

? more than £25

? less than £22.50

? between £24 and £26.

(b) Explain the basis of your calculations in a short memo to the finance director.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M92563087
  • Price:- $15

Priced at Now at $15, Verified Solution

Have any Question?


Related Questions in Statistics and Probability

Determine the margin of error for an 80 confidence interval

Determine the margin of error for an 80?% confidence interval to estimate the population mean when s? = 36 for the sample sizes below. ?a)n=12 ?b)n=26 ?c)n=54 ?a) The margin of error for an 80?% confidence interval when ...

The mean height of women in a country ages 20-29

The mean height of women in a country? (ages 20-?29) is 63.5 inches. A random sample of 65 women in this age group is selected. What is the probability that the mean height for the sample is greater than 64 ?inches? Assu ...

According to the polk company a survey of households using

According to the Polk Company, a survey of households using the Internet in buying or leasing cars reported that 81% were seeking information about prices. In addition, 44% were seeking information about products offered ...

Hospital waiting room times are normally distributed with a

Hospital waiting room times are normally distributed with a mean of 38.12 minutes and a standard deviation of 8.63 minutes. What is the shortest wait time that would still be in the worst 20% of wait times?

The following is data a veterinarian collected from some of

The following is data a veterinarian collected from some of her clients. It is a rough estimate % of dogs weight and how long the dog lived estimate of dog's weight(xi)         life span(yi) 20                            ...

You are the foreman of the bar-s cattle ranch in colorado a

You are the foreman of the Bar-S cattle ranch in Colorado. A neighboring ranch has calves for sale, and you are going to buy some calves to add to the Bar-S herd. How much should a healthy calf weigh? Let  x  be the age ...

Could someone help with my homework questionrecovery time

Could someone help with my homework question? Recovery time for knee surgery patients that do physical therapy three times per week on average is 16.3 weeks with a standard deviation of 2.4. A physical therapist believes ...

Felcor stock is currently selling for 4000 a share but is

Felcor stock is currently selling for $40.00 a share but is expected to either decrease to $36 or increase to $44 a share over the next year. The risk-free rate is 4 percent. What is the current value of a 1-year call op ...

The torval company made a credit sale of 15000 the invoice

The Torval Company made a credit sale of $15,000. The invoice was sent today with the terms, 3/15 net 60. This customer normally pays at the net date. If your opportunity cost of funds is 9% the expected payment is worth ...

Consider a hypothesis testing problem where the null and

Consider a hypothesis testing problem where the null and the alternative hypotheses are defined as H0 μ=5 Vs. H1 :μ≠5 H0:μ=5 Vs. H1:μ≠5 A 95% confidence interval for μ was calculated as (2, 7). A) What would be your conc ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As