You work at a bank and are asked to recommend the amount of cash to put in an ATM each day. You don't want to put in too much (security) or too little (customer imitation) C E Cick the icon to view the the daily withdrawals (in 100s of dollars) for a period of 30 days. (a) Choose the correct relative frequency histogram for the data using eight classes below. OB. 04 0.3 02 011 Data Table 63 58 63 08 nn 83 88 51 89 68 56 63 74 73 90 83 70 75 67 57 61 66 63 64 71 61 76 04 0. 02 014 62 61 67 73 70 71 56 80 67 Print Done (b) It you put $7550 in the ATM each day, what percent of the days in a month should you expect to run out of cash? (Round to the nearest tenth as needed.)
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
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