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Question: A recent survey of banks revealed the following distribution for the interest rate being charged on a home loan (based on a 30-year mortgage with a 10% down payment).
Interest Rate 7.0% 7.5% 8.0% 8.5% > 8.5%Probability 0.12 0.23 0.24 0.35 0.06
If a bank is selected at random from this distribution, what is the chance that the interest rate charged on a home loan will exceed 8.0%?
A machine produces 3 inch nails. A sample of 100 nails is selected, and it is found that 25 are shorter than 3 inches. Find the 95% confidence interval on the proportion of all such nails that are shorter than 3 inches.
The time between arrivals of cars at the Petroco Service Station is defined by thw following probability distribution.
In the FBI promotion system, last year's decoration points had a standard deviation equivalent to 7.1. This year 27 of the tested individuals had scores with a standard deviation of 4.2.
The probability of obtaining a random sample mean, which is lower than the population mean, is:
Suppose that $126,000 is to be allocated for advertising, research, and investment in the ratio 10:4:2. How much money will be allocated for each?
Estimate the true proportion of incomplete files for ALL the bank's commercial loans. Write a statement about the confidence level and the interval you find.
In a recent year, the FCC reported that the mean wait for repairs for AT&T customers was 25.3 hours. In an effort to improve this service, suppose that a new repair service process was developed.
At 5% level of significance, does this sample prove violation of guideline that average patient must pay no more than $250 out-of-pocket? Write your hypotheses and decision rule.
The mean amount of a purchase at the Smith Hardware store is $23.50 with standard deviation of $5.00. The amounts purchased follow normal distribution.
Determine the first two cumulants also the ratio between the standard deviation and average energy. Explain why distribution becomes extremely narrow.
When we say we have a confidence level of 95%, what do you think our "margin of error" is? If we move the level of confidence from 95 to 99%, what will happen to our margin of error? What will happen to the width of our confidence interval?
Suppose that each light bulb works independently of the other light bulbs. What is the probability that all eight of the light bulbs work?
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