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Scores by women on the SAT-I test are normally distributed with a mean score of 998 and a standard deviation of 202. scores by women on the ACT test are normally distributed with a mean of 20.9 and a standard deviation of 4.6 assume the two tests use different scales to measure the same aptitude. If a woman gets a SAT score of 1220, what is her equivalent ACT score?
A 99% confidence interval estimate of the population mean can be interpreted to mean that we have 99% confidence that the true population mean will fall within the confidence interval estimate.
Normal distribution has mean of 80 and standard deviation of 14. Find out the value above which 80 percent of values will occur.
A production process is known to produce a particular item in such a way that 5 percent of these are defective. If two items are randomly selected as they come off the production line
A stock price is currently $100. Over each of the next two three-month periods it is expected to increase by 10% or fall by 10%. Consider a six-month European call option with a strike price of $105.
Two tools that are often used in this process are the contingency table and the decision tree. What are these tools and how to they help us to make decisions under uncertainty when we are dealing with probabilities?
Suppose that an automobile manufacturer designed a radically new lightweight engine and wants to recommend the grade of gasoline to use.
Find the test statistic value for two mean tests in large sample.
Complete hypothesis test using a 5% level for risk with directional research hypothesis.
Construct a 90% confidence interval to estimate the difference of (average number of gallons sold on weekdays - average number of gallons sold on weekends). Assume the population standard deviations are the same for both weekdays and weekends.
Three members of a club will be selected to serve as officers. The first person selected will be president, the second person will be vice-president and the third will be secretary/treasurer.
To find the probabilities values of standard normal variable
Assume that the readings on the thermometers are normally distributed with a mean of 0 degrees and a standard deviation of 1 degrees C.
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