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Suppose you invested in a risky venture. The income (XX X) that will be earned from this venture during a year has the following probability distribution and the income earned is independent from year to year.
$500 $1000 $2000
P() 0.5 0.3 0.2
(a) In the next five years, what is the probability that your income from this venture is at least $1000 per year for more than 2 years?
(b) Suppose you and your friend invested in this venture. Assume you and your friend's incomes from the venture are independent. In a given year, what is the probability that your income is higher than your friend's income?
The probability that a house in an urban area will be burglarized is 5%. If 50 houses are randomly selected, what is the probability that one of the houses will be burglarized?
The average cost of a gallon of regular unleaded fuel at gas stations nationwide was $3.23, with a standard deviation of $0.23. Assume the national average holds for Connecticut. What is the probability that a sample of 30 gas stations in Conne..
Find the probability that a randomly selected timing belt lasts for more than 120,000 miles.- Find the probability that a randomly selected timing belt lasts for between 75,000 and 125,000 miles.
Use a hypothesis test to gain insight into whether or not the data collected by the students are fabricated. Use a level of significance that gives the benefit of the doubt to the students.
1. What is an example of a particular object that can be both discrete and continuous, although at different times?
sally inc. surverys customer satisfaction. of 144 customers and finds that 108 are satisfied.1 what is the point
Nancy believes that the average running time of movies is equal to 140 minutes. A sample of 4 movies was taken and the following running times were obtained. Assume the population of the running times is normally distributed.
Chip Hoose is the owner of Hoose Custom Wheels. Chip has just received orders for 1,000 standard wheels and 1,250 deluxe wheels in month
A nickel, two dimes, and three quarters are in a cup. We draw three coins, one at a time without replacement.
Suppose also that the length of life of each component, measured in hours, has an exponential distribution with mean.
1. The Statistical Abstract of the United States published by the U.S. Census Bureau reports that the average annual consumption of fresh fruit per person is 99.9 pounds. The standard deviation of fresh fruit consumption is about 30 pounds.
The management of a department store is interested in estimating the difference between the mean credit purchases of customers using the store's credit card versus those customers using a national major credit card.
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