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Published by patel_himanshu1985

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Published by: patel_himanshu1985 on Nov 24, 2010
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12/17/2012

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A)Health care issues are receiving much attention in both academic and political arenas. Asociologist recently conducted a survey of citizens over 60 years of age whose net worth istoo high to qualify for Medicaid and have no private health insurance. The ages of 25uninsured senior citizens were as follows:60 61 62 63 64 65 66 68 68 69 70 73 7374 75 76 76 81 81 82 86 87 89 90 92Calculate the arithmetic mean age of the uninsured senior citizens to the nearest hundredth of a year. Compute also the median. Compute the quartiles (Q1, Q2 and Q3).ANSWER:Mean = 74.04 yearsMedian = 73 years.Q1 = 65.5 yearsQ2 = median = 73 yearsQ3 = 81.5 yearsB) The following table represents the assets in billions of dollars of the five largest bondfunds.
Bond FundAssets (Billions $)
Vanguard GNMA19.5
 
Vanguard Total Bond Mkt. Index16.8Bond Fund of America A13.7Franklin Calif. Tax-Free Inc. A12.8Vanguard Short-Term Corp.10.91. Referring to Table, what is the mean for this population of the five largest bond funds?ANSWER:$14.74 billions2. Referring to Table, what are the variance and standard deviation for this population?ANSWER:9.2984 squared billion dollars, $3.0493 billions, respectively
 
C)A recent survey of banks revealed the following distribution for the interest rate beingcharged on a home loan (based on a 30-year mortgage with a 10% down payment).Interest Rate7.0%7.5%8.0%8.5%> 8.5%Probability0.120.230.240.350.06If a bank is selected at random from this distribution, what is the chance that the interest ratecharged on a home loan will exceed 8.0%?ANSWER:

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