One method of arriving at economic forecasts is to use a consensus approach. Individual forecasts are obtained from a large number of analysts, and the average of theseindividual forecasts is the consensus forecast. Suppose the individual 2017 January prime interest rate forecasts of economic analysts are approximately normally distributedwith the mean equal to 4.25% and the standard deviation equal to 0.1%. If a single analyst is randomly selected from among this group, calculate the following probabilities.(Round your answers to four decimal places.)In USE SALT(a) What is the probability that the analyst's forecast of the prime rate will exceed 3.98%?(b) What is the probability that the analyst's forecast of the prime rate will be less than 4.38%?You may need to use the appropriate appendix table to answer this question.Need Help?Read It

Let X be the random variable from normal distribution with mean (μ) = 4.25% and standard deviation…

Answered: One method of arriving at economic…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Find the expected value, variance, and standard deviation for the values below 1, 11, 29, 18, 4, 5, 2
Central Limit Theorem 2. According to the International Graduation Association, on average, high school girls in Canada spend $\$ 223.55$ on a prom dress with a standard deviation of $\$ 18.14$. If 76 high school girls are surveyed in Canada, what is the probability that the mean cost of their dresses is between $\$ 225.00$ and $\$ 228.00$ ? 3. It has been estimated that $23 \%$ of nurses are offered to work overtime on a regular basis. If we randomly selected 225 nurses, what is the probability that $25 \%$ or less of them will be offered overtime on a regular basis? SP.VS.717
Suppose the manager agrees to pay each employee a $50 bonus if they meet a certain goal. On a typical Saturday, the oil change facility will perform 40 oil changes between 10 AM and 12PM. Treating this as a random sample, there would be a 10% chance of the mean oil change time being at or below what value.
State whether you think it would be best to pursue a medium-scale expansion or a large-scale expansion. Calculate and compare the expected profits and variances for the medium-scale and large-scale expansions.
You may need to use the appropriate appendix table or technology to answer this question. In 2017, a website reported that only 10% of surplus food is being recovered in the food-service and restaurant sector, leaving approximately 1.5 billion meals per year uneaten. Assume this is the true population proportion and that you plan to take a sample survey of 555 companies in the food service and restaurant sector to further investigate their behavior. (a) Specify the distribution form and parameters of the sampling distribution of p, the proportion of food recovered by your sample respondents. (Round your answer for to four decimal places.) E(P) - % Since no and n(1-0)- approximating the sampling distribution with a normal distribution appropriate in this case. (b) What is the probability that your survey will provide a sample proportion within 20.03 of the population proportion? (Round your answer to four decimal places.) (c) What is the probability that your survey will provide a…
Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financial risks. The scores on the questionnaire are approximately normally distributed with a mean of 51 and a standard deviation of 15 . The customers with scores in the bottom 10% are described as "risk averse." What is the questionnaire score that separates customers who are considered risk averse from those who are not? Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.
Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financial risks. The scores on the questionnaire are approximately normally distributed with a mean of 50.5 and a standard deviation of 16. The customers with scores in the bottom 5% are described as "risk averse. What is the questionnaire score that separates customers who are considered risk averse from those who ar not? Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place. U Continue X S Submit Terms of Use | Privacy Center
Risk taking is an important part of investing. In order to make suitable investment decisions on behalf of their customers, portfolio managers give a questionnaire to new customers to measure their desire to take financial risks. The scores on the questionnaire are approximately normally distributed with a mean of 50 and a standard deviation of 14. The customers with scores in the bottom 15% are described as "risk averse." What is the questionnaire score that separates customers who are considered risk averse from those who are not? Carry your intermediate computations to at least four decimal places. Round your answer to one decimal place.
If charge rates for annual tutoring services has a standard deviation of $1000, what is the probability that the mean charge rate of 300 randomly selected tutoring services will be within $80 of the mean charge rate of all tutoring services
Q.No.1. Read the following passage and observe the word length of each word. Make a frequency distribution of word length. "Statistics play an intrinsic role in computer science and vice versa. Statistics is used for data mining, speech recognition, vision and image analysis, data compression, artificial intelligence, and network and traffic modeling. A statistical background is essential for understanding algorithms and statistical properties that form the backbone of computer science. Typically, statistical approach to models tends to involve stochastic (random) models with prior knowledge of the data. The computer science approach, on the other hand, leans more to algorithmic models without prior knowledge of the data. Ultimately, these come together in attempts to solve problems."
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The state of California has a mean annual rainfall of 22 inches, whereas the state of New York has a mean annual rainfall of 42 inches. Assume that the standard deviation for both states is 4 inches. A sample of 30 years of rainfall for California and a sample of 49 years of rainfall for New York has been taken. (a) Show the probability distribution of the sample mean annual rainfall for California. 39.9 40.6 41.3 42 42.7 43.4 44.1 inches O -2.1-1.4 -0.7 0 0.7 1.4 2.1 inches O 10 14 18 22 26 30 34 (b) What is the probability that the sample mean is within 1 inch of the population mean for California? (Round your answer to four decimal places.) 0.8490 X inches 19.9 20.6 21.3 22 22.7 23.4 24.1 inches

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