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Customers of a mortgage bank expect to have mortgage applications processed within 35 working days of submission. Given that the processing time at the bank can be modelled by the N (28, 32) distribution, verify that 99% of applications would be processed within 35 working days. Following a successful Six Sigma project aimed at reducing processing time, it was found that, although variability in processing time was unchanged, the mean had dropped to 19 working days. The bank wishes to inform prospective customers that '99 times out 100 we can process your application in q working days'. Assuming that the normal distribution is still an adequate model, calculate q.
A company makes camshafts. The camshaft lengths need to be within a certain tolerance or they will not fit. They have produced x bar and s charts
Determine fraction of employees cost between $1,500 and $2,000 per year?
Deriving the regression equation, testing the model fit and obtains confidence interval for estimated values.
Compute the grouped data mean for this distribution. Use MINITAB and using the original scores, compute the raw-data mean. Use MINITAB.
For a random sample of 50 batteries, what is the probability that the sample mean will be less than 27.5 hours?
Insurance policy from company A costs $300 a year but guarantees to replace any losses due to theft. Create the decision tree.
In multi-choice test, each question has four options. Students wil get 10 points for each correct answer; lose four points for each incorrect answer; and receive no points for unanswered questions.
A survey conducted by the American Automobile Association showed that the family of four spends an average of $215.60 per day while on vacation. Suppose a sample of 64 families of four vacationing at Niagara Falls results in a sample mean of $252...
The weights (in pounds) of a sample of five boxes being sent by UPS are: 12, 6, 7, 3, & 10.
Sketch the distribution of sample means for sample of n = 25 scores from this population.
The new Lucky Lady Casino wants to increase revenue by providing buses that can transport gamblers from other cities. Research shows that these gamblers tend to be older, they tend to play slot machines only, and they have losses with a mean of $1..
Is it reasonable typical worker does not miss any days during a pay period?
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