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Qnt 561 Week 2 Weekly Learning Assessment – Assignment

1187 words - 5 pages

Chapter 5 Exercise 4
A large company must hire a new president. The Board of Directors prepares a list of five candidates, all of whom are equally qualified. Two of these candidates are members of a minority group. To avoid bias in the selection of the candidate, the company decides to select the president by lottery.
a. What is the probability one of the minority candidates is hired? (Round your answer to 1 decimal place.)
b. Which concept of probability did you use to make this estimate?

Chapter 5 Exercise 14
The chair of the board of directors says, "There is a 50% chance this company will earn a profit, a 30% chance it will break even, and a 20% chance it will lose money next ...view middle of the document...

The number of new accounts established by a salesperson in a year.
b. The time between customer arrivals to a bank ATM.
c. The number of customers in Big Nick’s barber shop.
d. The amount of fuel in your car’s gas tank.
e. The number of minorities on a jury.
f. The outside temperature today.

Chapter 6 Exercise 14
The U.S. Postal Service reports 95% of first-class mail within the same city is delivered within 2 days of the time of mailing. Six letters are randomly sent to different locations.
a. What is the probability that all six arrive within 2 days? (Round your answer to 4 decimal places.)
b. What is the probability that exactly five arrive within 2 days? (Round your answer to 4 decimal places.)
c. Find the mean number of letters that will arrive within 2 days. (Round your answer to 1 decimal place.)
d-1. Compute the variance of the number that will arrive within 2 days. (Round your answer to 3 decimal places.)
d-2. Compute the standard deviation of the number that will arrive within 2 days. (Round your answer to 4 decimal places.)

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Chapter 6 Exercise 20
In a binomial distribution, n = 12 and π = .60.
a. Find the probability for x = 5? (Round your answer to 3 decimal places.)
b. Find the probability for x ≤ 5? (Round your answer to 3 decimal places.)
c. Find the probability for x ≥ 6? (Round your answer to 3 decimal places.)

Chapter 6 Exercise 26
A population consists of 15 items, 10 of which are acceptable.
In a sample of four items, what is the probability that exactly three are acceptable? Assume the samples are drawn without replacement. (Round your answer to 4 decimal places.)

Chapter 7 Exercise 4
According to the Insurance Institute of America, a family of four spends between $400 and $3,800 per year on all types of insurance. Suppose the money spent is uniformly distributed between these amounts.
a. What is the mean amount spent on insurance?
b. What is the standard deviation of the amount spent? (Round your answer to 2 decimal places.)
c. If we select a family at random, what is the probability they spend less than $2,000 per year on insurance per year? (Round your answer to 4 decimal places.)
d. What is the probability a family spends more than $3,000 per year? (Round your answer to 4 decimal places.)

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