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A recent Gallup poll (Poll Analyses May 22, 2002) revealed that 81% of Americans say they have a credit card. You randomly chose 12 Americans and ask if they have at least one credit card.
1. Does this situation meet the binomial requirements? Why or why not? Address the five characteristics in the Key Points.
2. What is the random variable in this problem? i.e., what does X represent and what values can it have?)
3. What is the probability that exactly 9 have credit cards?
4. What is the probability that 7 or fewer have credit cards?
5. What is the probability that at least 10 have credit cards?
6. What is the probability that at most 10 have credit cards?
7. What is the mean number of adults out of a sample of 12 that you would expect to have credit cards? What is the standard deviation of the distribution?
Unearned revenue of $78,000 is included as a current liability even though only two-thirds will be earned in 2014. Determine the appropriate amount and classification of each of the following items (in order of liquidity).
Sandy is planing his retirement.The rate of interest that he can lend and borrow at the bank is 6 percent. He currently has $ 125000 in the bank. He intends to buy a car 3 years from now.
The December 31, 2009, balance sheet of Schism, Inc., showed long-term debt of $1.395 million, and the December 31, 2010, balance sheet showed long-term debt of $1.57 million.
You're trying to choose between two different investments, both of which have up-front costs of $45,000. Investment G returns $75,000 in six years. Investment H returns $105,000 in nine years.
Mark deposits $800 each month in a retirement plan paying 10% compounded monthly. How much will he have in the account after 14 years
The company estimates the project would cost $8 million today. Karns estimates that, once drilled, the oil will generate positive net cash flows of $4 million a year at the end of each of the next 4 years.
At the beginning of the project, inventory will decrease by $16,000, accounts receivables will increase by $21,000, and accounts payable will increase by $15,000. All net working capital will be recovered at the end of the project.
A six-month $10,000 Treasury bill is selling for $9,844. What is the annual yield according to the discount method. Does this yield understate or overstate the true annual yield
If you deposit $5,100 at the end of each of the next 25 years into an account paying 10.30 percent interest, how much money will you have in the account in 25 years
An investment of $600 is earning 6% interest each year. What is the effective rate of interest earned in year 1, and year 10
If the future value of an ordinary, 11 year annuity is $5,575 and interest rates are 5.5%, what is the future value of the same annuity due
Zephyr Electricals is a company with no growth potential. Its last dividend was $4.50, and it expects no change in future dividends. What is the current price of the company's stock given a discount rate of 9 percent
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