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A mortgage lender attempted to increase its business by marketing its subprime mortgage. This mortgage is designed for people with a less than perfect credit rating, then the interest rate is higher to offset the extra risk. In the past year, 20% of these mortgages resulted in foreclosure as customers defaulted on their loans. A new screening system has been developed to determine whether to approve customers for the subprime loans. When the system is applied to a credit application, the system will classify the application as " Approve for loan" or " Reject for loan". When this new system was applied to recent customers who had defaulted on their loans, 90% of these customer were classified as " reject". When this same system was applied to recent loan customers who had not defaulted on their loan payments, 70% of these customer were classified as " approve"
a- If a customer did not default on a loan, what is the probability that the rating system would have classified the applicant in the reject category?
b- If the rating system had classified the applicant in the reject category, what is the probability that the customer would not default on a loan?
What is the point estimate of the proportion of the population of employees who strongly dislike their current work experience (to 2 decimals)?
A neuropsychologist compare the auditory abilities of blind versus normally sighted rats. He predicted that the visually impaired rats would have better auditory development than normally sighted rats.
During normal business hours on the east coast, calls to the toll-free reservation number of the Nite Time Inn that the numb roy calls per minute can be described by the Poisson distribution.
What is the probability of making a Type II error if the population mean is 24,000 miles?
Using the simple test of independence (described in the lecture), decide if the events high calorie and high fiber are independent or dependent. Show your work.
Develop an appropriate forecast model for the given problem whereas the student population has remained constant during this period.
What are some real life examples of the use of Chi-Square tests using contingency tables? Why is a test, which is testing significant differences among means called Analysis of Variance?
State the number of degrees of freedom that are associated with each of the following extra sum of squares and why this is the case:
This sample group has errors with a standard deviation of 54.7ft. At the 5% level of significance, test that the new population has errors with a standard deviation equal to 43.7ft.
How many free throws must the second player make in a row in order to confidently reject the same null hypothesis? Use the 95% level of confidence for both players.
Five test vehicles of each kind were crashed, with results given below. Research question: Are mean crash damages the same for these 3 vehicles?
What is the probability that the trainee class will consist entirely of men or women? Round your answer to the nearest thousandth.
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