Explanation Given: 50% of all U.S. families had a net worth less than $ 93 , 000 3 of five families are randomly selected Formula used: The Binomial Distribution: The probability of exactly x successes in n trails is P ( x ) = n ! ( E ) x ! ( n − x ) ! π x ( 1 − π ) n − x Where n = the number of trials x = the number of successes π = the probability of failure in any given trail ( 1 − π ) the probability of failure in any given trial Calculation: In this problem, a binomial distribution is accurate to use because there are two or moreconsecutive trials (the 5 randomly selected families) and there are only two possible, independent outcomes (Family has net worth of less than $ 93 , 000 or the family doesn't)

7th Edition

ISBN: 9781111792374

Author: WEIERS

Publisher: Cengage Learning

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Chapter 6, Problem 6.69CE

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The probability of having exactly $ 93,000 as a net worth

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Chapter 6, Problem 6.68CE

Chapter 6, Problem 6.70CE

Chapter 6 Solutions

Introduction to Business Statistics

Ch. 6.1 - Prob. 6.1E Ch. 6.1 - Indicate whether each of the following random...Ch. 6.1 - Indicate whether each of the following random...Ch. 6.1 - Prob. 6.4E Ch. 6.1 - Prob. 6.5E Ch. 6.1 - Determine the mean, variance, and standard...Ch. 6.1 - Determine the mean, variance, and standard...Ch. 6.1 - Prob. 6.8E Ch. 6.1 - Prob. 6.9E Ch. 6.1 - Prob. 6.10E

Ch. 6.1 - A consultant has presented his client with three...Ch. 6.1 - Prob. 6.12E Ch. 6.1 - Prob. 6.13E Ch. 6.1 - Laura McCarthy, the owner of Riverside Bakery, has...Ch. 6.1 - In 2007, nearly 24 million tons of steel mill...Ch. 6.2 - What is necessary for a process to be considered a...Ch. 6.2 - When we are sampling without replacement, under...Ch. 6.2 - Prob. 6.18E Ch. 6.2 - Prob. 6.19E Ch. 6.2 - A city law-enforcement official has stated that...Ch. 6.2 - Prob. 6.21E Ch. 6.2 - According to the National Marine Manufacturers...Ch. 6.2 - In the town of Hickoryville, an adult citizen has...Ch. 6.2 - It has been reported that the overall graduation...Ch. 6.2 - Prob. 6.25E Ch. 6.2 - The U.S. Department of Labor has reported that 30%...Ch. 6.2 - Alicia’s schedule includes three Tuesday/Thursday...Ch. 6.2 - OfficeQuip is a small office supply firm that is...Ch. 6.2 - Four wheel bearings are to be replaced on a...Ch. 6.2 - It has been estimated that one in five Americans...Ch. 6.2 - Airlines book more seats than arc actually...Ch. 6.2 - Every day, artists at Arnold’s House of Fine...Ch. 6.3 - Under what circumstances should the hypergeometric...Ch. 6.3 - Using the hypergeometric distribution, with...Ch. 6.3 - Using the hypergeometric distribution, with...Ch. 6.3 - In a criminal trial, there are 25 persons who have...Ch. 6.3 - A computer firm must send a group of three...Ch. 6.3 - Prob. 6.38E Ch. 6.4 - Prob. 6.39E Ch. 6.4 - Prob. 6.40E Ch. 6.4 - Prob. 6.41E Ch. 6.4 - Prob. 6.42E Ch. 6.4 - The U.S. divorce rate has been reported as 3.6...Ch. 6.4 - During the 12 P.M.-1 P.M. noon hour, arrivals at a...Ch. 6.4 - During the winter heating season in a northern...Ch. 6.4 - Prob. 6.46E Ch. 6.4 - Prob. 6.47E Ch. 6.4 - Prob. 6.48E Ch. 6.4 - Prob. 6.49E Ch. 6.4 - A manufacturing plant’s main production line...Ch. 6.4 - Prob. 6.51E Ch. 6 - The owner of a charter fishing boat has found that...Ch. 6 - Prob. 6.55CE Ch. 6 - Prob. 6.56CE Ch. 6 - Prob. 6.57CE Ch. 6 - Prob. 6.58CE Ch. 6 - Prob. 6.59CE Ch. 6 - Prob. 6.60CE Ch. 6 - A mining company finds that daily lost-work...Ch. 6 - Prob. 6.62CE Ch. 6 - Prob. 6.63CE Ch. 6 - Prob. 6.64CE Ch. 6 - Prob. 6.65CE Ch. 6 - Seven of the 15 campus police officers available...Ch. 6 - Prob. 6.67CE Ch. 6 - Prob. 6.68CE Ch. 6 - Prob. 6.69CE Ch. 6 - Prob. 6.70CE Ch. 6 - Prob. 6.71CE Ch. 6 - Prob. 6.72CE Ch. 6 - Prob. 6.73CE Ch. 6 - Prob. 6.74CE Ch. 6 - Prob. 6.75CE Ch. 6 - Prob. 6.76CE Ch. 6 - Prob. 6.77CE Ch. 6 - Prob. 6.78CE Ch. 6 - Prob. 6.79CE Ch. 6 - Prob. 6.80CE

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