The mean hourly pay rate for financial analyst in the insurance company is $32.62,and the standard deviation is $2.32. Assume that pay rates are normally distributed.For a randomly selected financial analyst, what is the probability the analyst earnedless than $28 per hour?a) 0.0533b) None of the answers are correctc) 0.0333d) 0.0233e) 0.0333

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Answered: The mean hourly pay rate for financial…

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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Suppose that the average loan taken out by small-sized businesses from a commercial bank is $275,000. If the loan sizes are normally distributed with a standard deviation of $25,000, find each of the following: A. The probability that a small-sized business takes out a loan of more than $325,000. B. The probability that a small-sized business takes out a loan between $245,000 & $310,000.
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.
According to the bureau of labor statistics the average weekly pay for a U.S production worker was $441.Assume that available data indicate that production worker wages were normally disturbed with a standard deviation of $90 a.What is the probability that a worker earned between $400 and $500 per week? b.How much did a production worker have to earn per week to be in the top 20% of wages earners? c.For a randomly selected production,what is the probability the worker earned less than $250 per week?
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: $
The lengths of pregnancies are normally distributed with a mean of 268days and a standard deviation of 15 days. a. Find the probability of a pregnancy lasting 309 days or longer. b. If the length of pregnancy is in the lowest 2%, then the baby is premature. Find the length that separates premature babies from those who are not premature. a. The probability that a pregnancy will last 309 days or longer is (Round to four decimal places as needed.) b. Babies who are born on or before____days are considered premature. (Round to the nearest integer as needed.)

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