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1.

= [x* P(x)] = 1(.24) + 2(.18) + 3(.13) + 4(.10) + 5(.07) + 6(.04) + 7(.04) + 8(.20)

= 3.86

2 = V(X) = (x - )2 * P(x) = (13.86)2(.24) + (23.86)2(.18) + (33.86)2(.13) + (43.86)2(.10) + (53.86)2(.07)

+(63.86)2(.04) + (73.86)2(.04) + (83.86)2(.20) = 6.78

= SQRT(2) = SQRT(6.78) = 2.603

$2.50 x 3.86 = $9.65

Thus the average revenue generated is $9.65 and the average deviation is $6.51.

2.

= [x* P(x)] = 1(.05) + 2(.12) + 3(.20) + 4(.30) + 5(.15) + 6(.10) + 7 (.08) = 4.00

2 = V(X) = (x - )2 * P(x) = (14.0)2(.05) + (24.0) 2(.12) + (34.0) 2(.20) + (44.0) 2(.30)+ (54.0) 2(.15) +

4.0)2(.10) + (74.0) 2(.08) = 2.40

$0.25 x 4.00 = $1.00

V($0.25 x 2.4) =

($0.25)2 x 2.4 = $0.15

Thus, the average cost per fax is $1 and the variance is $0.15.

3.

= E(x) = [x* P(x)] = 0(.10) + 1(.25) + 2(.40) + 3(.20) + 4(.05) = 1.85

$20 x 1.85 x 20% = $7.4

the expected profit is $7.4.

4.

P(x) = C(n,x) * px(1 p)n-x

a)

= 1 * 1 * (0.9)25

= 0.0718

Blue highlight shows that the probability is 0.0718 using the table.

BINOM.DIST (0,25,0.1,FALSE)

=0.0718

the probability that none are Independent is 7.18%

b)

k

0

1

2

3

4

P= 0.1

0.0718

0.2712

0.5371

0.7636

0.9020

(6

2

Yellow highlight shows that the probability is 0.9020 using the table.

BINOM.DIST (4,25,0.1,TRUE)

=0.9020

the probably of fewer than 5 people being independent is 90.2%

c)

P(0) = 0.0718

P(0)+P(1)+P(2) = 0.5371

P(1) = C(25,1) * (0.1)1 (1 0.1) 25-1

= 25 * 0.1 * (0.9)24

= 0.1994

P(2) = C(25,2) * (0.1)2 (1 0.1) 25-2

= 300 * 0.01 * (0.9)23

= 0.2658

1 0.5371 = 0.4629

Green highlight on the table shows the probability of 2 or less, thus 1 the value is the probability.

= BINOM.DIST (2,25,0.1,TRUE)

=0.537

1 0.5371 = 0.4629

5.

*table and manual calculation are not applicable here

a)

=BINOM.DIST(4,10,(244/495),TRUE)

calculates for 4 and/or less

= 0.39447

1 - 0.39447 = 0.60553

b)

244/495 = 0.4929 0.4929 x 100 = 49.29 49 wins per 100 games

6.

a) table not applicable(P is not on the table)

P(0) = C(25,0) * (1/19)0 (18/19) 25-0

= 1 * 1 * (18/19)25

= 0.2588

P(1) = C(25,1) * (1/19)1 (18/19) 25-1

= 25 * 1/19 * (18/19)24

= 0.3594

=BINOM.DIST(1,25,(1/19),TRUE)

=0.6182

the probability is 38.17%

1 P(0) + P(1) = 0.3817

1 0. 6182 = 0.3817

P(0) = C(25,0) * (1/19)0 (18/19) 25-0

= 1 * 1 * (18/19)25

= 0.2588

the probability is 25.88%

=BINOM.DIST(0,25,(1/19),false)

=0.2588

3

c) table not applicable(P is not on the table), more than 3 calculations

=BINOM.DIST(14,25,(18/38),TRUE)

1 - 0.8564 = 0.1436

=0.8564

the probability is 14.36%

d) table not applicable(P is not on the table), more than 3 calculations

=BINOM.DIST(10,25,(18/38),TRUE)

the probability is 29.67%

=0.2967

=BINOM.DIST(9,20,0.38,TRUE) ----- 9 or less times, thus requiring the complement

=0.8103

1 0.8103 = 0.1897

the probability is 18.97%

8.

a) table not applicable(P is not on the table), more than 3 calculations

=BINOM.DIST(50,100,0.45,TRUE) ----- 50 or less times, thus requiring the complement

=0.8654

1 0.8654 = 0.1346

=BINOM.DIST(43,100,0.45,TRUE)

=0.3827

=BINOM.DIST(45,100,0.45,FALSE)

= 0.0799

9.

f(x) = 1 / (b a) ; where a x b

P(x1 < X < x2) = (x2 x1) * 1 / (b a)

a) P(150 < X < 175) = (175 150) * 1 / (175 110)

= 25 * [1/ 65]

= 0.3846

= 40 * (1/65)

= 0.61538

the probability is 61.538%

10. (answers between tables and Excel vary because of the lack of decimal places in table)

Z = (X ) /

a) Z = (12000 11500) / (800)

= 0.625 0.63

= 1 (0.7357)*tables only go to 2 decimal places for Z-scores

= 0.2643

=1 - NORMDIST(12000,11500,800,TRUE)

= 1 (0.7340)

= 0.2660

the probability is 26.6%

b) Z = (10000 11500) / (800)

= -1.875 - 1.88

P(Z < -1.88) *tables only go to 2 decimal places for Z-scores

= 0.0301

= NORMDIST(10000,11500,800,TRUE)

= 0.0303

No index entries found.

11. (answers between tables and Excel vary because of the lack of decimal places in table)

a) Z = (70000 61823) / (17301)

= 0.47

= 1 (0.6808)

= 0.3192

= 1 - NORMDIST(70000, 61823, 17301,TRUE)

= 1 0.6818

= 0.3182

the probability is 31.82%

b) Z = (65000 61823) / (17301)

= 0.18

P([Z < 0.18] < x < [Z< 0.76])

= P(Z< 0.76) P(Z < 0.18)

= (0.7764) - (0.5714)

= 0.2050

= 0.76

= 0.7768 - 0.5728

= 0.2040

the probability is 20.4%

c) Z = (45000 61823) / (17301)

= -0.97

= 0.1660

= 0.1654

d) Z = (100000 61823) / (17301)

= 2.20

= 1 (0.9861)

= 0.0139

= 1 - NORMDIST(100000, 61823, 17301,TRUE)

= 1 - 0.9863

5

= 0.0137

e)

= NORMDIST(75000, 61823, 17301,FALSE)

= 0.000017

the probability is 0%

*the probability is 0 because there isnt a probability for an exact, individual value in continuous data

12. (answers between tables and Excel vary because of the lack of decimal places in table)

P(Z < z .01) = 1 0.01 = 0.99

z .01 = 2.33

- z .01 = - 2.33

- z .01 = (X .01 - ) /

-2.33(8) + (75) = X .01

X .01 = 56.36

=NORMINV(0.01,75,8)

=56.389

13. (answers between tables and Excel vary because of the lack of decimal places in table)

P(Z < z .06) = 1 0.06 = 0.94

z .06 = (X .06 - ) /

1.555(30) + (150) = X .06

X .06 = 246.65

round up).

z .06 = 1.555

= 246.643

14. (answers between tables and Excel vary because of the lack of decimal places in table)

P(Z < z .30) = 1 0.30 = 0.70

z .30 = 0.525

z .30 = (X .30 - ) /

0.525(90) + (850) = X .30

X .30 = 897.25

It should have roughly 898 loaves in stock (need to round up).

= NORMINV (0.94, 200, 30)

= 897.1960

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