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Q1) Shoe manufacturer is known to create 5% of shoes as defective. ShoeFit store newly ordered 300 pairs from this manufacturer. Let x be number of defective shoes in order received by ShoeFit store.
i) Write a formula for probability distribution of x.
ii) Compute a) P(x ≤ 5) b) P(x ≤ 20)
iii) Give the expected value and standard deviation of defective shoes in the ShoeFit store order.
iv) Playing Pick 4, continued The Wisconsin version of Pick four pays out $5000 on a $1 bet if your number matches winning number exactly. It pays $200 on $1 bet if digits in your number match those of winning number in any order. You select which of these two bets to make. On average over many bets, your winnings will be mean amount won = payout amount × probability of winning. Determine the mean payout amounts for these two bets? Is one of the two bets a better choice?
The following data represent the cost of electricity for the period of July 2008 for a random sample of 50 one-bedroom apartments in a large city.
They find that these 100 people lost an average of 38 hours with a standard deviation of 9.5 hours. What is the P-value for this significance test?
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When the level of confidence and sample standard deviation remain the same, a confidence interval for a population mean based on a sample of n = 100
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The mean return for a random sample of 33 mutual funds is 14.93 percent with a standard deviation of 9.57. Build a 95 percent confidence interval for mu, population mean.
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