A bank vice president feels that each savings account customer has, on average, three creditcards. The following distribution represents the number of credit cards people own.Number of cards x1234Probability P(x)0.20.30.010.090.4a. Find the mean, variance, and standard deviation.b. Is the vice president correct?

The probability distribution of a random variable includes all the possible values of the random…

Answered: A bank vice president feels that each…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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1. A bank vice president feels that each savings account customer has, on average, two credit cards. The following distribution represents the number of credit cards people own. Find the mean, variance, and standard deviation. Is the vice president correct? Draw a graph for this distribution. Number of cards x 2 4 6 8 Probability P(x) 0.50.20.20.1
The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated that the balances on all Visa credit cards issued by the Bank of Connecticut have a mean of $840 and a standard deviation of $260. Assume that the balances on all these Visa cards follow a normal distribution.a. What is the probability that a randomly selected Visa card issued by this bank has a balance between $1050 and $1420?Round your answer to three decimal places.P= Enter you answer in accordance to the item a) of the question statementb. What percentage of the Visa cards issued by this bank have a balance of $735 or more?Round your answer to two decimal places.P= Enter you answer in accordance to the item b) of the question statement %
The average student loan debt for college graduates is $25,600. Suppose that that distribution is normal and that the standard deviation is $11,400. Let X = the student loan debt of a randomly selected college graduate. Round all probabilities to 4 decimal places and all dollar answers to the nearest dollar.b Find the probability that the college graduate has between $13,550 and $33,450 in student loan debt. c. The middle 10% of college graduates' loan debt lies between what two numbers? Low: $ High: $
A professor of statistics noticed that the marks in his course are normally distributed. He also noticed that his morning classes average 73% with a standard deviation of 12% on their final exams. His afternoon classes average 79% with a standard deviation of 11%. A. What is the probability that a randomly selected student in the morning class has a higher final exam mark than a randomly selected student from an afternoon class? Probability = B. What is the probability that the mean mark of four randomly selected students from a morning class is greater than the average mark of four randomly selected students from an afternoon class? Probability =
Q2. A telemarketing firm is monitoring the performance of its employees based on the number of sales per hour. One employee had the following sales for the last 20 hours (each entry in the table is the number of sales per hour) 5 4 2 6 7 8 5 4 6 4 4 5 4 5 4 7 8 What are the mean, median, mode, variance and standard deviation of the sales?
The Greenville Power Authority states that the mean monthly energy bill for their customers is $228 with a standard deviation of $38. They know that energy bills follow a normal distribution. a. Between what two values do we expect 99.7% of energy bill’s to fall? b. What is the probability of a randomly selected energy bill at least $190?
6. A financial executive believes that each savings account customer has, on average, two credit cards. The follow ing distribution represents the number of credit cards people own. Find the mean, variance, and standard deviation. Is the financial executive correct? 1 2 3 4 Number of credit cards x 0.50 0.05 0.19 0.18 Probability P(x) 0.08
3. A study of the amount of time it takes to rebuild the transmission for a 2005 Chevy Cavalier shows that the mean is 8.4 hours and the standard deviation is 1.8 hours. Find the probability that their mean rebuild time exceeds 8.7 hours
Suppose Michigan is favored by 17.5 points over Indiana. If you bet a “unit” on Indiana and Indiana loses by 17 or less, you win $10. If Indiana loses by 18 or more points, you lose $11. Note: Both Michigan and Indiana are NCAA Basketball teams. 1)Find the mean and standard deviation of your winnings on a single bet. Assume that there is a 0.5 probability that you will win your bet and a 0.5 probability that you will lose your bet.
e) Suppose that weekly household expenditures on petrol are normally distributed, with a mean of $120 and a standard deviation of $50. i. A family is randomly selected. Find the probability that this family spends more than $245 per week on petrol? A 2.5 B 0.0062 C 0.9938 D 0.0202 ii. The government wants to promote public transport and will award a prize to the families who spend the lowest amount on petrol. If the government only wants to give a prize to 10% of households, what is the most that a family is allowed to spend on petrol each week to obtain the prize? A $56 B $184 C $3.50 D $217.60 In a sample of 25 families, what is the probability that the average weekly expenditure on petrol will be less than $105? ii. A 0.0668 B 0.9332 C 0.3821 D 0.6179
The average student loan debt for college graduates is $25,650. Suppose that that distribution is normal and that the standard deviation is $14,350. Let X = the student loan debt of a randomly selected college graduate. Round all probabilities to 4 decimal places and all dollar answers to the nearest dollar.b Find the probability that the college graduate has between $28,800 and $41,400 in student loan debt. c. The middle 20% of college graduates' loan debt lies between what two numbers? Low: $ High: $
7a. Suppose you go to Alaska in February where the chance of snow is .90 (90 percent). You are there for two days. Make the probability distribution associated with this experience. b. Find the mean, variance, and standard deviation for number 7.

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