Understanding Basic Statistics
Understanding Basic Statistics
7th Edition
ISBN: 9781305254060
Author: Charles Henry Brase, Corrinne Pellillo Brase
Publisher: Cengage Learning
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Chapter 6.2, Problem 22P

Hardware Store: Income Trevor is interested in purchasing the local hard- ware/sporting goods store in the small town of Dove Creek. Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 60% of the business days it is open. Estimate the probability that the store will gross over $850

(a) at least 3 out of 5 business days.

(b) at least 6 out of 10 business days.

(c) fewer than 5 out of 10 business days.

(d) fewer than 6 out of the next 20 business days. Interpretation If this actually happened, might it shake your confidence in the statement p = 0.60? Might it make you suspect that p is less than 0.60? Explain.

(e) more than 17 out of the next 20 business days. Interpretation If this actually happened, might you suspect that p is greater than 0.60? Explain.

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Chapter 6 Solutions

Understanding Basic Statistics

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