Q2. According to a PNC Financial Independence Survey released in March 2012,today's U.S. adults in their 20s “hold an average debt of about $45,000, whichincludes everything from cars to credit cards to student loans to mortgages"(USA TODAY, April 24, 2012). Suppose that the current distribution of debtsof all U.S. adults in their 20s has a mean of $45,000 and a standard deviationof $12,720. Find the probability that the average debt of a random sample of144 U.S. adults in their 20s isa. less than $42,600b. more than $46,240

Answered: Image /qna-images/answer/013bbc64-2710-4767-8744-54c0ba9ff0ac.jpg

Answered: Q2. According to a PNC Financial…

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...

See similar textbooks

Similar questions

1.a.The amount of money spent weekly on cleaning, maintenance, and repairs at a large restaurant was observed over a long period of time to be approximately normally distributed, with mean ? = $633 and standard deviation ? = $46. If $646 is budgeted for next week, what is the probability that the actual costs will exceed the budgeted amount? (Round your answer to four decimal places.) b.A relay microchip in a telecommunications satellite has a life expectancy that follows a normal distribution with a mean of 90 months and a standard deviation of 3.2 months. When this computer-relay microchip malfunctions, the entire satellite is useless. A large London insurance company is going to insure the satellite for 50 million dollars. Assume that the only part of the satellite in question is the microchip. All other components will work indefinitely. If the satellite is insured for 84 months, what is the probability that it will malfunction before the insurance coverage ends? (Round your answer…
A dataset from 1987 contains information about credit card applications and approvals for 690 applicants. We are interested in looking at the amount of debt across industries, specifically between information technology, healthcare, real estate, and education. The following values are scaled down for ease of analysis. From the sample, 45 are in information technology with an average of $4.03 dollars in debt and a standard deviation of $3.88. 52 are in the healthcare industry with an average of $5.84 dollars in debt and a standard deviation of $6.58. 30 are in real estate with an average of $4.79 dollars in debt and a standard deviation of $5.43. 30 are in education with an average of $8.21 dollars in debt and a standard deviation of $6.25. Fill in the hypotheses below: Ho: All the means are equal. Ha: At least one mean is different from the others. ✓ Part 2 of 3 Complete the following ANOVA summary table (a = 0.01). Round your answers to three decimal places, if necessary, and round…
The patient recovery time from a particular surgical procedure is normally distributed with a mean of 5.3 days and standard deviation of 1.1 days. Use your graphing calculator to answer the following questions. Write your answers in percent form. Round your answers to the nearest tenth of a percent.a) What is the probability of spending less than 8 days in recovery? %b) What is the probability of spending more than 5 days in recovery? %c) What is the probability of spending between 5 days and 8 days in recovery? %
4. A college student is contemplating a possible career option. One factor that will influence his decision is the amount of money he is likely to make. He decides to look up the average salary of graduates in that profession. Which information would be more useful to him, the mean salary or the median salary? Why?
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
A. If 75% of high school students are able to pass a stats test, find the mean, variance, and standard deviation for the number of students who pass the test in a sample of 150 students. B. What is the probability that just you will not pass this test, if all 22 students take the test?
A dataset from 1987 contains information about credit card applications and approvals for 690 applicants. We are interested in looking at the amount of debt across industries, specifically between information technology, healthcare, real estate, and education. The following values are scaled down for ease of analysis. From the sample, 44 are in information technology with an average of $4.03 dollars in debt and a standard deviation of $3.88. 55 are in the healthcare industry with an average of $5.84 dollars in debt and a standard deviation of $6.58. 33 are in real estate with an average of $4.79 dollars in debt and a standard deviation of $5.43. 20 are in education with an average of $8.21 dollars in debt and a standard deviation of $6.25. Fill in the hypotheses below: Ho: Select an answer Ha: Select an answer
1. According to one study, the average hours of sleep on a weeknight for men was 6.9 hours with a standard deviation of 1.5 hours. a. Find the proportion of men who sleep for more than 8 hours per night. b. Find the proportion of men who sleep for less than 6 hours per night. c. Find the proportion of men who sleep between 6-8 hours per night. d. Find the number of hours that represents the 90th percentile.
1- An automobile dealership pays its salespeople a salary plus a commission on sales. The mean biweekly commission is $1385, the median $1330, and the standard deviation $75.a. Is the distribution of commissions positively skewed, negatively skewed, or symmetrical?b. Compute Pearson’s coefficient of skewness to verify your answer.
The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, where the amount requested for home loans followed the normal distribution with a mean of $79,000 and a standard deviation of $16,000 (Round zscore computation to 2 decimal places and the final answers to the nearest whole dollars.) a. What is the minimum amount requested on the largest 4% of loans? b. What is the maximum amount requested on the smallest 12% of loans?
An insurance company wants to make sure that its best customers (those with lowest value of insurance claims) stay with the company. To achieve this goal, the company plans to offer a 10% discount on the annual health insurance premium for customers with the lowest 20% of annual health care expenses. If the average annual health care expenses for a family of four is $3,650 with a standard deviation of $975, what is the amount of the maximum annual health care expense that will qualify for the proposed discount?
Suppose the following data show the introductory interest rates on a sample of 5 credit cards: 6, 2.7, 3.3, 5.6, 3.7. Calculate the standard deviation of the sample. Note: the numbers may be different from the last problem. (please express your answer using 2 decimal places)

SEE MORE QUESTIONS

Recommended textbooks for you

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability (10th Edition)

Probability

ISBN:

9780134753119

Author:

Sheldon Ross

Publisher:

PEARSON

A First Course in Probability

Probability

ISBN:

9780321794772

Author:

Sheldon Ross

Publisher:

PEARSON

SEE MORE TEXTBOOKS