Tutors Answer Your Questions about Probability-and-statistics (FREE)
Question 571389: The data set represents the income levels of the members of a country club. Estimate the probability that a randomly selected member earns at least $98,000.
112,000 126,000 90,000 133,000 94,000
112,000 98,000 82,000 147,000 182,000
86,000 105,000 140,000 94,000 126,000
119,000 98,000 154,000 78,000 119,000
Click here to see answer by stanbon(48516) |
Question 571407: Ted performed an experiment which he placed 10 colored marbles into a bag. He then reached in,picked a marble,recorded his color,and replaced it in the bag.He did this a 100 times,and his results were; brown 29,gray 42,green 10,and purple 19. What was the experimental probability of picking a gray marble? 1/42,21/100,2/5,or 21/50.Also what was the theoretical probability of choosing a brown marble? 1/10,2/9,3/10,or 1/2.
Click here to see answer by stanbon(48516) |
Question 570867: A company brings a new product to market:
The probability of loosing $1,000,000 is 10%
The probability of loosing $500,000 is 20%
The probability of breaking even is 20%
The probability of making $500,000 profit is 20%
The probability of making $2,000,000 profit is 30%
what is the expected profit?
I can calculate this ((2,000,000*.3)+(500000*.2)) - ((1,000,000*.1)+(500,000*.2))
yields 700,000-200000 = $500,000 expected profit. but im not sure how to handle the 20% probability of breaking even, 0 * 20% = 0? how is this factored in to my calculations?
Click here to see answer by richard1234(4789)  |
Question 571054: You are asked by the owner of the Starshine Motel to develop a customer satisfaction survey to determine the percentage of customers who are dissatisfied with service. In the past year, 20,000 customers were serviced. She desires a 95% level of confidence with an allowable statistical error of +/- 0.02. From past estimates, the manager believes that about 4% of customers have expressed dissatisfaction. What sample size should you use for this survey?
Click here to see answer by stanbon(48516) |
Question 570991: Hello. Guys, I really need your help on this one please
Below are the home states of 16 college professors..
Florida Indiana Pennsylvania Arizona Georgia
Florida Tennessee Texas Kansas Arizona
Texas Florida Tennessee Arizona Texas
Indiana
a)Make a frequency table using these 8 states:
Arizona Kansas
Florida Pennsylvania
Georgia Tennessee
Indiana Texas
b)What is (are) the mode(s)?
c)Does it make sense to talk about the average for this data? Why or why not?
Click here to see answer by jim_thompson5910(21667) |
Question 570991: Hello. Guys, I really need your help on this one please
Below are the home states of 16 college professors..
Florida Indiana Pennsylvania Arizona Georgia
Florida Tennessee Texas Kansas Arizona
Texas Florida Tennessee Arizona Texas
Indiana
a)Make a frequency table using these 8 states:
Arizona Kansas
Florida Pennsylvania
Georgia Tennessee
Indiana Texas
b)What is (are) the mode(s)?
c)Does it make sense to talk about the average for this data? Why or why not?
Click here to see answer by Edwin McCravy(6932)  |
Question 570682: A multiple choice quiz consists of five questions, each with three possible answers of which only one is correct. a student passes the quiz if three of more correct answer are obtained. what is the probability of a student passing the quiz by randomly guessing the answer to each question
Click here to see answer by stanbon(48516) |
Question 570689: A standard poker deck of cards contains 52 cards, of which four are queens. Suppose two cards are drawn sequentially, so that one random circumstance is the result of the first card drawn and the second random circumstance is the result of the second card drawn. Find the probability that the first card is a queen and the second card is not a queen. (Enter your answer as a fraction.)
Click here to see answer by stanbon(48516) |
Question 570240: Below are the home states of 21 college professors.
New Jersey Ohio Michigan South Carolina Nebraska
South Carolina Ohio South Carolina Pennsylvania Michigan
Georgia New Jersey Wisconsin Georgia Ohio
Florida Georgia New Jersey South Carolina Wisconsin
Pennsylvania
i. Make a frequency table using these 9 states:
Florida
Georgia
Michigan
Nebraska
New Jersey
Ohio
Pennsylvania
South Carolina
Wisconsin
ii. What is (are) the mode(s)?
iii. Does it make sense to talk about the average for this data? Why or why not?
iv. Using your frequency table draw a pie chart to display the distribution of home states by filling in the following table:
Home State Frequency Percentage of Measure of Central
total Angle (in degrees)
Florida
Georgia
Michigan
Nebraska
New Jersey
Ohio
Pennsylvania
South Carolina
Wisconsin
Click here to see answer by jim_thompson5910(21667) |
Question 569955: The Thomas Supply Company, Inc. is a distributor of gas-powered generators. As with any business, the length of time customers take to pay their invoices is important. Listed below, arranged from smallest to largest, is the time, in days, for a sample of The Thomas Supply Company, Inc. invoices.
13 13 13 20 26 29 31 33 34 34 35 35 36 37 38 41 41 41 45 45 47 47 48
52 54 56 56 62 67 82
(a) Determine the second decile and the eighth decile.
D2 =
D8 =
(b) Determine the 67th percentile.
Click here to see answer by stanbon(48516) |
Question 569959: Suppose the Internal Revenue Service is studying the category of charitable contributions. A sample of 32 returns is selected from young couples between the ages of 20 and 35 who had an adjusted gross income of more than $100,000. Of these 32 returns 7 had charitable contributions of more than $1,000. Suppose 6 of these returns are selected for a comprehensive audit.
(a)What is the probability exactly one of the six audited had a charitable deduction of more than $1,000?
(b)What is the probability at least one of the audited returns had a charitable contribution of more than $1,000?
Click here to see answer by stanbon(48516) |
Question 158200: Scott Equipment Organization is investigating the use of various combinations of short term and long-term debt in financing its assets. Assume that the organization has decided to employ $30 million in current assets, along with $35 in fixed assets, in the operations next year. Given the level of current assets, anticipated sales adn Earnings Before Interest and Taxes (EBIT) for next year are $60 million and $6 million, respectively. The organizations income tax rate is 40%; Stockholders equity will be used to finance $40 million of its assets, with the remainder being financed by short-term and long-term debt. Scott's is considering implementing one of the following financing policies:
Amount of Short-Term Debt
Financial Policy In Mil. LTD% STD%
Aggressive (large amount) $24 8.5 5.5
Moderate (moderate amount) 18 8.0 5.0
Conservative (small amount) 12 7.5 4.5
A) Determine the following for each of the financing policies:
1) Expected rate of return on stockholders equity
2) Net working capital position
3) Current ratio
B) Evaluate the profitability versus risk trade-offs of these three
policies. Would you rate each one "low", "medium", or "high"
with respect to profitability? Would you rate
each "one"low", "medium", or "high" with respect to risk?
Click here to see answer by ydscott(1) |
Question 568992: What is the probability that a yellow marble is drawn at random from a bag containing 3 white, 2 yellow, 1 green, and 4 blue marbles. (Example of how to enter answer: if the answer was two thirds you would enter 2/3)
Click here to see answer by htmentor(580)  |
Question 568882: The rates of on-time flights for commercial jets are continuously tracked by the U.S. Department of Transportation. Recently, Southwest Air had the best reate with 80% of its flights arriving on time. A test is conducted by randomly selecting Southwest flights and observing whether they arrive on time.
Find the probability that exactly flights arrive on time
Click here to see answer by solver91311(12118)  |
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Older solutions: 1..45, 46..90, 91..135, 136..180, 181..225, 226..270, 271..315, 316..360, 361..405, 406..450, 451..495, 496..540, 541..585, 586..630, 631..675, 676..720, 721..765, 766..810, 811..855, 856..900, 901..945, 946..990, 991..1035, 1036..1080, 1081..1125, 1126..1170, 1171..1215, 1216..1260, 1261..1305, 1306..1350, 1351..1395, 1396..1440, 1441..1485, 1486..1530, 1531..1575, 1576..1620, 1621..1665, 1666..1710, 1711..1755, 1756..1800, 1801..1845, 1846..1890, 1891..1935, 1936..1980, 1981..2025, 2026..2070, 2071..2115, 2116..2160, 2161..2205, 2206..2250, 2251..2295, 2296..2340, 2341..2385, 2386..2430, 2431..2475, 2476..2520, 2521..2565, 2566..2610, 2611..2655, 2656..2700, 2701..2745, 2746..2790, 2791..2835, 2836..2880, 2881..2925, 2926..2970, 2971..3015, 3016..3060, 3061..3105, 3106..3150, 3151..3195, 3196..3240, 3241..3285, 3286..3330, 3331..3375, 3376..3420, 3421..3465, 3466..3510, 3511..3555, 3556..3600, 3601..3645, 3646..3690, 3691..3735, 3736..3780, 3781..3825, 3826..3870, 3871..3915, 3916..3960, 3961..4005, 4006..4050, 4051..4095, 4096..4140, 4141..4185, 4186..4230, 4231..4275, 4276..4320, 4321..4365, 4366..4410, 4411..4455, 4456..4500, 4501..4545, 4546..4590, 4591..4635, 4636..4680, 4681..4725, 4726..4770, 4771..4815, 4816..4860, 4861..4905, 4906..4950, 4951..4995, 4996..5040, 5041..5085, 5086..5130, 5131..5175, 5176..5220, 5221..5265, 5266..5310, 5311..5355, 5356..5400, 5401..5445, 5446..5490, 5491..5535, 5536..5580, 5581..5625, 5626..5670, 5671..5715, 5716..5760, 5761..5805, 5806..5850, 5851..5895, 5896..5940, 5941..5985, 5986..6030, 6031..6075, 6076..6120, 6121..6165, 6166..6210, 6211..6255, 6256..6300, 6301..6345, 6346..6390, 6391..6435, 6436..6480, 6481..6525, 6526..6570, 6571..6615, 6616..6660, 6661..6705, 6706..6750, 6751..6795, 6796..6840, 6841..6885, 6886..6930, 6931..6975, 6976..7020, 7021..7065, 7066..7110, 7111..7155, 7156..7200, 7201..7245, 7246..7290, 7291..7335, 7336..7380, 7381..7425, 7426..7470, 7471..7515, 7516..7560, 7561..7605, 7606..7650, 7651..7695, 7696..7740, 7741..7785, 7786..7830, 7831..7875, 7876..7920, 7921..7965, 7966..8010, 8011..8055, 8056..8100, 8101..8145, 8146..8190, 8191..8235, 8236..8280, 8281..8325, 8326..8370, 8371..8415, 8416..8460, 8461..8505, 8506..8550, 8551..8595, 8596..8640, 8641..8685, 8686..8730, 8731..8775, 8776..8820, 8821..8865, 8866..8910, 8911..8955, 8956..9000, 9001..9045, 9046..9090, 9091..9135, 9136..9180, 9181..9225, 9226..9270, 9271..9315, 9316..9360, 9361..9405, 9406..9450, 9451..9495, 9496..9540, 9541..9585, 9586..9630, 9631..9675, 9676..9720, 9721..9765, 9766..9810, 9811..9855, 9856..9900, 9901..9945, 9946..9990, 9991..10035, 10036..10080, 10081..10125, 10126..10170, 10171..10215, 10216..10260, 10261..10305, 10306..10350, 10351..10395, 10396..10440, 10441..10485, 10486..10530, 10531..10575, 10576..10620, 10621..10665, 10666..10710, 10711..10755, 10756..10800, 10801..10845, 10846..10890, 10891..10935, 10936..10980, 10981..11025, 11026..11070, 11071..11115, 11116..11160, 11161..11205, 11206..11250, 11251..11295, 11296..11340, 11341..11385, 11386..11430, 11431..11475, 11476..11520, 11521..11565, 11566..11610, 11611..11655, 11656..11700, 11701..11745, 11746..11790, 11791..11835, 11836..11880, 11881..11925, 11926..11970, 11971..12015, 12016..12060, 12061..12105, 12106..12150, 12151..12195, 12196..12240, 12241..12285, 12286..12330, 12331..12375, 12376..12420, 12421..12465, 12466..12510, 12511..12555, 12556..12600, 12601..12645, 12646..12690, 12691..12735, 12736..12780, 12781..12825, 12826..12870, 12871..12915, 12916..12960, 12961..13005, 13006..13050, 13051..13095, 13096..13140, 13141..13185, 13186..13230, 13231..13275, 13276..13320, 13321..13365, 13366..13410, 13411..13455, 13456..13500, 13501..13545, 13546..13590, 13591..13635, 13636..13680, 13681..13725, 13726..13770, 13771..13815, 13816..13860, 13861..13905, 13906..13950, 13951..13995, 13996..14040, 14041..14085, 14086..14130, 14131..14175, 14176..14220, 14221..14265, 14266..14310, 14311..14355, 14356..14400, 14401..14445, 14446..14490, 14491..14535, 14536..14580, 14581..14625, 14626..14670, 14671..14715, 14716..14760, 14761..14805, 14806..14850, 14851..14895, 14896..14940, 14941..14985, 14986..15030, 15031..15075, 15076..15120, 15121..15165, 15166..15210, 15211..15255, 15256..15300, 15301..15345, 15346..15390, 15391..15435, 15436..15480, 15481..15525, 15526..15570, 15571..15615, 15616..15660, 15661..15705, 15706..15750, 15751..15795, 15796..15840, 15841..15885, 15886..15930, 15931..15975, 15976..16020, 16021..16065, 16066..16110, 16111..16155, 16156..16200, 16201..16245, 16246..16290, 16291..16335, 16336..16380, 16381..16425, 16426..16470, 16471..16515
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