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A random sample of 20 students obtained a mean of x = 72 and a variance of s2 = 16 on a college placement test in mathematics. Assuming the scores to be normally distributed, construct a 98% confidence interval for sigma^2.
What is the probability that none of these crimes will be solved? What is the probability that at least one of these crimes will be solved?
A leasing firm claims that the mean number of miles driven annually,M , in its leased cars is less than 13020 miles. A random sample of 90 cars leased from this firm had a mean of 12750 annual miles driven.
An entrepreneur is considering the purchase of a coin-operated laundry. The present owner claims that over the past 5 years, the average daily revenue was $675 with a standard deviation of $75.
Suppose that January sales for the fourth year turn out to be $295,000. What was your forecast error? If this is a large error, Karen might be puzzled about the difference between your forecast and actual sales value.
Taking care to control for weather conditions and other variables as much as possible. Define the null hypothesis.
A fair die is rolled nine times. What is the probability that an odd number (1,3 or 5) will occur less than 3 times?
1) What is correlation? 2) What is an example of two variables that are likely to be correlated because they are both changing over time?
A consensus of experts has agreed on the following table of potential NPVs and their likelihoods for a capital budgeting project that involves considerable uncertainty and is therefore risky:
She wants to be 90% confident and be accurate within 5% of the true proportion. Find out the minimum sample size necessary.
Cheating Gas Pumps When testing gas pumps in Michigan for accuracy, fuel-quality enforcement specialists tested pumps and found that 1299 were not accurate (within 3.3 oz when 5 gal is pumped), and 5686 were accurate.
Independent random samples of 12 users of the other system rate their system on the same scale. Based on these data, are the two telecommunication system equally liked? Explain.
Ronald wants to sell his car through a broker who charges a commission of 10% of the selling price. Ronald still owes $11,025 on the car. Ronald must get enough to at least pay off the loan.
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