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Imagine that a sample of 400 rental units shows that (i) the distribution of rents paid per month is not described by a normal distribution,
(ii) that the mean rent of the sample is $755, and (iii) the standard deviation of the sample is $100.
a) Without seeing the distribution, can you calculate the probability that the rent of a randomly selected unit will be greater than $800? If yes, calculate the probability; if no, explain.
b) Without seeing the distribution, can you calculate the probability that the mean rent of another sample of 400 units will be greater than $800? If yes, calculate the probability; if no, explain.
c) Why is the answer to (b) only an estimate? (What two numbers about the entire population are you not sure of?)
Susan’s proposed budget for 2011 includes a substantial repayment of the bank loan. If the repayment occurs, is the firm likely to break even in 2012? Explain.
a survey of grocery revealed 40 percent had a pharmacy, 50 percent had a floral shop, and70 percent had a deli. suppose 10 percent of the stores have all three departments, 30 perc
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Limitation of the Accounting. It information only accounting purchase, it is restricted to the accounting purchase only, and for example other elements which are not having any
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Consider the two events A and B with P(A) = 0.4 and P(B) = 0.3. (a) If A and B are independent then compute the probability that Both A and B happen
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