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Why do so many of life's events share the same characteristics with Central Limit Theorem? Why are estimations and confidence intervals important? When might systematic sampling be biased? Explain.
Statistics and Probability, Statistics
An automobile accidents occur over a 72 hour holiday period are like events in a poisson process with = 10 per hour. Let Y be the time for the first accident. a) What is the mean of Y and variance of Y? b) Find P(Y > 15 ...
When circuit boards used in the manufacture of compact disc players are tested, the long run percentage of defectives is 5%. Let X= the number of defective boards in random sample of size n=25, so X ~ Bin( 25, .05). a) ...
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 ...
Below is my attempt at answering a quiz question and I am seeking feedback (my answers are in bold): The Final Exam scores for all students enrolled in STAT 200 have a mean score of 72. One randomly selected section of S ...
Assume that showing a car is a Bernoulli trial, and each time she shows a car, there is a probability of 0.15 that the customer will buy the car. The saleswoman has a goal of selling at least one car a week. 1) How many ...
Now assume that I am talking about a normally distributed set of data: An IQ test. This IQ test has a mean of 100 and a standard deviation of 15. Find the following probabilities What is the probability that someone scor ...
Jamie Dimon changed the business model for JPMorgan Chase in 2008. In the process, the bank gave enormous trading authority to one individual. What are the ERM strengths and weaknesses of this strategy?
According to a Pew Research Center poll, 22% of adult Americans have contributed to an online fundraising project. A random sample of 100 adults is selected. Let the random variable X be the number of adult Americans who ...
A process is normally distributed with a mean of 104 rotations per minute and a standard deviation of 8.2 rotations per minute. If a randomly selected minute has 118 rotations per minute, would the process be considered ...
Retail stores experience their heaviest returns on December 26th and December 27th each year. The distribution for the Number of Items Returned (X) for Hilldale Macy's on those days last year is given in the table below. ...
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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 coupon bonds. Under what conditions will a coupon bond sell at a p
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 $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 for 19 years, given a discount rate of 6 percent per annum. As