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Norm Dickins the town pharmacist is interested in obtaining a loan to expand his business. He will get a better interest rate if he can reasonably demonstrate that his near-term monthly revenues will be between $10,000 and $15,000. He doesn't know the exact level of sales to expect over the next several months, but based on past experience, he knows it should be around $13,000. He also knows that his sales vary by about $2,500 from month to month. What is the probability that his store will generate the revenue required for him to obtain a favorable loan rate?
Computing the mean and standard errors of sampling distribution - Using the central limit theorem, find the means and standard errors of sampling distributions
Agricultural researchers are studying three different ways of planting peanuts to determine whether significantly different levels of production yield will result.
You wish to find out if negative relationship exists between amount of bottled water someone drinks and their water bill. Create a prediction model, if suitable.
A coin was flipped twenty times and landed heads fifteen times. Based upon this information, answer the following the question:
(a) Consider a normal distribution with mean μ = 88. If 2% of the values lie below x = 50, find the standard deviation σ. (b) Consider a normal distribution with standard deviation σ = 15.6. If 10% of the values lie above x = 17.2, find the mean μ.
Explain whether the symmetry definition of probability is appropriate with respect to the outcomes in the sample space.
A sample of 10 persons is used to measure the effectiveness of two massage techniques. The effectiveness of the techniques is measured by the number of days that pass by before the subjects feel the need for another massage session.
A box contains six parts. Two of the parts are defective and four are ok. If three of the six parts are selected from the bin, how large is the sample space?
Test to see if the mean cell phone bill has changed since 2004. Use a .05 level of significance for the test.
What is the probability of a false negative test (the probability that a person having muscular distrophy tests negative)?
Similar survey of student population 10 years ago found that coffee shop was favoured by 20% of students, and pizza and hamburger were each preferred by 40% of the students. Determine the expected frequencies for chi-square test.
Does the data set represent a sample or a population? If it is a sample, describe the population from which it has been drawn.
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