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The average salaryfor graduates entering the actuarial field is $40,000. if the salaries are normally distributed with a standard deviation of $5000, find the probability that an individual graduate will have a salary over $45,000
(b) a group of nine graduates will have a group average over $45,000.
Rental car gasoline prices per gallon were sampled at eight major airports. Date for Hertz and National car rental companies follow (USA today April 4, 2000)
A contingency table has 5 rows and 4 columns. How many degrees of freedom are there?
The stakeholders in the simulation have different opinions as to the proper course of action the organization should take. Write a 350-word memo to the stakeholders in the simulation.
Do the data indicate a significant difference between the frequency distributions for male and females? Test at the .05 level of significance and describe the difference.
Show that theta~ = u(X) is an unbiased estimator of theta, where u(0) = 1 and u(x) = 0 if x =1,2, ... Compare the MSEs of theta(hat) and theta~ for estimating theta = e^(-m) when m=1 and m=2
Whether the suitable analysis would be one-tailed test or two-tailed test. A type I and type II error, given context of hypothesis.
Write down the advantages and disadvantages of using computer software for decision making.
Can the value 0.64 be rejected if a survey of 495 homes in Omaha yields 332 with one or more lawn mowers? Use = 0.05.
In other words, explain why, all else being equal, as sample size increases the likelihood of finding a statistically significant relationship increases.
Define the population. State the hypotheses for the study. Decide which statistical test is appropriate and compute the test statistic (z or t). Why is the test appropriate?
Suppose that the probability of strong demand is 0.8 and the probability of weak demand is 0.2. What is the optimal decision using the expected value approach?
Heights of college-aged women are approximately bell-shaped and symmetric, with almost all of them (95%) falling between 58" and 72". Find the approximate values of the mean and standard deviation.
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