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Norm Dickins the town pharmacist is interested in obtaining a loan to expand his business. He will get a better interest rate if he can reasonably demonstrate that his near-term monthly revenues will be between $10,000 and $15,000. He doesn't know the exact level of sales to expect over the next several months, but based on past experience, he knows it should be around $13,000. He also knows that his sales vary by about $2,500 from month to month. What is the probability that his store will generate the revenue required for him to obtain a favorable loan rate?
You are given following information on residents' responses, broken down by sex. Determine the probability that resident is a man and opposes the bridge?
Indicate which would be the independent variable and which would be the dependent variable in each of the following:
What is the probability that a sample mean will be within plus-or-minus two of the population mean for each of the following sample sizes?
On any given day, about 45% of the stocks on the American Stock Exchange increase in value. A random sample of four independent stocks is chosen.
Calculate the mean and the standard error of the sampling distribution of the sample means. Also, find the mean and standard error of the sampling distribution for samples of size 5.
The average score for the sample is M = 76. For the general population of college students, writing scores form a normal distribution with a mean of µ = 70.
Identify a business situation where you might want to make an estimate. For example, you might want to estimate the mean dollar amount spent by customers at a retail store.
The population mean annual salary for first year faculty at SLU is $47,000. Assuming that the population standard deviation is $1800:
Make up a scatter diagram with 10 dots for each of the following:
Construct the 90% and 99% confidence interval for population mean. Which interval is wider? If convenient, utilize technology to construct confidence intervals.
The flashlight batteries produced by one of the northern manufacturers are known to have an average life of 60 hours with a standard deviation of 4 hours. Use Chebyshev's theorem to answer the following questions.
Suppose that the thermometer readings are normally distributed with mean of 0° C and a standard deviation of 1.00° C. A thermometer is randomly selected and tested.
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