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A bank holds the mortgage on a motel which the motel owner says has an average daily revenue of at least $2,038. In the event the average is not at least $2,038, the bank will ask the motel owner for additional collateral for the loan as protection against loan default. A loan officer is aware that the daily average revenue is normally distributed and randomly selects 20 days during the last six months. The sample has a mean of $2,001 and standard deviation of $150.00. At the 0.01 level, is the bank loan financially sound (should the bank ask for additional collateral)? What is the decision rule?
What are the five steps in the hypothesis testing procedure, what does each step represent, what are the advantages and disadvantages of using a hypothesis testing procedure?
What is the probability of a false negative test (the probability that a person having muscular distrophy tests negative)?
The random variable "x" is the number of times he wins in 20 attempts at the game. Find the mean and std dev. for this experiment.
Finnish Furniture manufactures tables in facilities located in three cities- Reno, Denver, and Pittsburgh. The tables are then shipped to three retail stores located in Phoenix, Cleveland, and Chicago.
Create the 90% confidence interval for mean score of all such subjects. You may suppose scores are usually distributed.
The probability that an American CEO can transact business in a foreign language is .20. Ten American CEOs are chosen at random.(Round your answers to 4 decimal places.)
Given 7 male individuals in a Physical Education course, the number of sit ups each individual can do in a one minute period was recorded:
Construct a 99 percent confidence interval for the true mean diameter of a nickel. (c) Discuss any assumptions that are needed. (d) What sample size would ensure an error of ± 0.0005 inches with 99 percent confidence?
Compute the 99% confidence interval based on four data points that have a sample mean of 71.5 and a sample standard deviation of 16.6032
Conversely with the ball from the second urn. Let Xn denote the state of the system after the nth step. Calculate its transition probability matrix.
A consumer survey indicates that the average household spends m=$155 on groceries each week. The distribution of spending amounts is normal with a standard deviation of o=$25. Based on this distribution
"Use the data in the following payoff matrix and regret matrix to answer the following questions. What is the optimal decision regarding at which location(s) to purchase property using the MAXIMIN decision rule?
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