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The average income of a country is known to be £10,000 with standard deviation £2,500. A sample of 40 individuals is taken and their average income calculated.
Statistics and Probability, Statistics
An insurance company will pay Dave $220,000 (the market value of the house) should his house be destroyed by fire during the year. In return, Dave pays the insurance company $1280 that year (called the "premium") for tha ...
The following frequency table summarizes the distances in miles of 100 patients from a regional hospital. Distance Frequency 0-2 30 2-4 35 4-6 20 6-8 10 8-10 5 Calculate the sample variance and standard deviation for thi ...
According to a study in a previous year, 57.0% of households nationwide used natural gas for heating during a year. Recently, a survey of 2,700 randomly selected households showed that 58.0% used natural gas. Use a 0.05 ...
Kevin knows that the beta of his portfolio is equal to 1, but he does not know the risk-free rate of return or the market risk premium. He also knows that the expected return on the market is 8.25 percent. What is the ex ...
Next time you see an elderly man, check out his nose and ears! While most parts of the human body stop growing as we reach adulthood, studies show that noses and ears continue to grow larger throughout our lifetime. In o ...
The height of 5th grade boys is normally distributed with mean μ=57 inches and standard deviation σ=2 inches. What is the probability that the height of a randomly selected 5th grade boy will be between 53 inches and 61 ...
A company is to hire two new employees. They have prepared a final list of twelve candidates, all of whom are equally qualified. Of these twelve candidates, seven are women. If the company decides to select two persons r ...
A confidence interval estimate is desired for the gain in a circuit on a semiconductor device. Assume that gain is normally distributed with standard deviation σ = 30. (a) How large must n be if the length of the 95% CI ...
Find the z-score boundary that separates a normal distribution as described in each of the following: The lowest 20% of scores
If an Urn1 contains 6purle balls and 4red balls. And Urn2 contains 4purple balls and 6 red balls. Urn3 contains 4purple balls and 5red balls. If one of the urns is selected at random and a ball is drawn, what is the prob ...
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