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It has been reported that 3% of all cars on the highway are traveling at speeds in excess of 70 mph. If the speeds of four random automobiles are measured via radar, what is the probability that at least one car is going over 70 mph? Place your answer, rounded to four decimal places.
Suppose we drew a histogram of these 18 death rates using class intervals 1 — 1.9, 2 — 2.9, 3 — 3.9, 4 — 4.9 and 5 — 5.9. Using the histogram, we would
For the most recent year available, the mean annual cost to attend a private university in the United States was $20,182. Assume the distribution of annual costs follows the normal probability distribution and the standard deviation is $4,400.
You're the production manager for operation that produces circuit boards. Each board is tested at the end of manufacturing process. Rejected boards are discarded and have no future value.
A study was conducted to determine if there was a relationship between the prices a non-member of a club paid for various publications and the prices that a member paid for the same publications. The data gathered is shown below.
Suppose the sample variance for 30 parts turns out to be s 2 = .0005. Use α = .05 to test whether the population variance specification is being violated.
An investment project is expected to earn $100,000 on average with a standard deviation of $50,000. Assume earnings from this investment project is a normal distribution. Of the next 15 people that invest in this project, what is the probability t..
Describe different methods of establishing correlation between variables and provide an example of each. Discuss the advantages and disadvantages of each method and where each must be applied.
The mean television viewing time for Americans is 15 hours per week (Money, November 2003). Assume a sample of 60 Americans is taken to further investigate viewing habits. Suppose the population standard deviation for weekly viewing time is Q = 4..
Describe meaning of alternatives, criteria and states of nature. Explain how are they utilized in decision analysis?
A summary of data (deposits in thousands of dollars) from the survey is as follows: First National 1 = 4.1, σ1 = 1.2; City National 2 = 3.5, σ2 = 0.9. Use a 98% confidence interval to estimate the difference in the mean weekly deposits into IRAs f..
Hits on a personal web site occur quite infrequently. They occur randomly and independently with an average of five per week.
Use the trend equation to calculate the points for 2003 and 2005. Plot them on the graph and draw the regression line.
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