A mail-order company classifies its customers as preferred, standard, or infrequent depending on the number of orders placed in a year. Past records indicate that each year,
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- Three businesswomen are trying to convene in Cincinnati for a business meeting. The first women (Woman 1) is arriving on a flight from Atlanta, the second (Woman 2) is arriving on a flight from Dallas, and the third (Woman 3) is arriving on a flight from Chicago. Historical data suggests that the Atlanta flight is “on time” 90% of the time, the Dallas flight is “on time” 95% of the time, and the Chicago flight is “on time” 80% of the time. Furthermore, historical data suggests that the three flights are independent with respect to on time behavior. Define the sample space for this random experiment. Compute the probability for each of the outcomes in the sample space. Let W denote the number of business women that arrive on time. Construct the probability mass function of W Construct the cumulative distribution function of W Find the expected value of W Compute the standard deviation of Warrow_forwardIn 2010, the U.S. Congress passed the historic health care reform bill that will provide some type of coverage for the 32 million Americans currently without health care insurance. Just how widespread is the lack of medical coverage? The media claim that the segments of the population most at risk for disease and thus needing healthcare are women, children, the elderly and the poor. The following tables were generated from the U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement (2011). Explain using supportive arguments from your analyses. Write a general summary paragraph identifying groups lacking in coverage by gender, age and income and commenting on the headline. Reference the observed numbers and percentages in your summary paragraph to see how the groups trend in identifying potentially more at-risk. Analysises for reference: Is being insured or not dependent on gender? Fill in the degrees of freedom and p-value in the output below and draw…arrow_forwardIn 2010, the U.S. Congress passed the historic health care reform bill that will provide some type of coverage for the 32 million Americans currently without health care insurance. Just how widespread is the lack of medical coverage? The media claim that the segments of the population most at risk for disease and thus needing healthcare are women, children, the elderly and the poor. The following tables were generated from the U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement (2011). The tables report the number of uninsured (in thousands) by sex, by age, and by household income Is being insured or not dependent on the age groups identified in the analysis? Fill in the degrees of freedom and p-value in the output below and draw a clear conclusion indicating which age-groups are more at risk of not being insured if there is a significant relationshiparrow_forward
- In 2010, the U.S. Congress passed the historic health care reform bill that will provide some type of coverage for the 32 million Americans currently without health care insurance. Just how widespread is the lack of medical coverage? The media claim that the segments of the population most at risk for disease and thus needing healthcare are women, children, the elderly and the poor. The following tables were generated from the U.S. Census Bureau, Current Population Survey, Annual Social and Economic Supplement (2011). The tables report the number of uninsured (in thousands) by sex, by age, and by household income Is being insured or not dependent on the income groups identified in the analysis? Fill in the degrees of freedom and p-value in the output below and draw a clear conclusion indicating which income-groups are more at risk of not being insured if there is a significant relationship.arrow_forwardA loan officer knows that 50% of loan applicants in their 20s have bad credit, 40% of loan applicants in their 30s have bad credit, and 20% of loan applicants age 40 or greater have bad credit. She also knows that 30% of loan applicants are in their 20s, 50% are in their 30s, and the rest are at least 40 years of age. What percentage of applicants with bad credit are at least 40 years old? Explain the steps you took to determine answer.arrow_forwardIn how many ways can an investor select five mutual funds for his investment portfolio from a recommended list of nine mutual funds?arrow_forward
- An insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's H N L M 0.04 0.07 0.05 0.01 0.07 0.08 0.20 0.13 0.02 0.03 0.15 0.15 Auto L M H Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? 0.13 (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible 0.17 homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's…arrow_forwardAn insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's Auto N L M H 0.04 0.07 0.05 0.01 M 0.07 0.11 0.20 0.10 H 0.02 0.03 0.15 0.15 Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?…arrow_forwardAn insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels-low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Auto L M H Homeowner's NLMH Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? 0.04 0.07 0.05 0.02 0.07 0.09 0.20 0.11 0.02 0.03 0.15 0.15 (b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same category for both auto and homeowner's deductibles?…arrow_forward
- Jane White has recorded the following sales figures for last year for herbusiness: January, $35,645; February, $35,456; March, $31,270; April,$32,129; May, $34,456; June, $35,256; July, $36,218; August, $35,456;September, $34,250; October, $32,156; November, $30,125; December,$32,275. She wants to select from one of three models: a 3-month movingaverage, a weighted moving average (she believes that the weightsshould be 0.2, 0.3, and 0.5), and an exponential smoothing average inwhich she uses an α of 0.2 and an assumed forecast for January of Year 1of $35,000.a. Construct a table that shows each of these forecasts for the current year andprovide the forecast for January of Year 2.b. Using the available data and your forecasts, which model do you suggest thatJane use for her business?arrow_forwardAn insurance company offers four different deductible levels-none, low, medium, and high-for its homeowner's policyholders and three different levels–low, medium, and high-for its automobile policyholders. The accompanying table gives proportions for the various categories of policy- holders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is .06 (6% of all such individuals). Homeowner's Auto N M H .04 .06 .05 .03 M .07 .10 .20 .10 H .02 .03 .15 .15 Suppose an individual having both types of policies is ran- domly selected. a. What is the probability that the individual has a medium auto deductible and a high homeowner's deductible? b. What is the probability that the individual has a low auto deductible? A low homeowner’'s deductible? c. What is the probability that the individual is in the same category for both auto and homeowner's deductibles? d. Based on your answer in part (c), what is the…arrow_forwardAn insurance company offers four different deductible levels—none, low, medium, and high—for its homeowner's policyholders and three different levels—low, medium, and high—for its automobile policyholders. The accompanying table gives proportions for the various categories of policyholders who have both types of insurance. For example, the proportion of individuals with both low homeowner's deductible and low auto deductible is 0.07 (7% of all such individuals). Homeowner's Auto N L M H L 0.04 0.07 0.05 0.01 M 0.07 0.11 0.20 0.10 H 0.02 0.03 0.15 0.15 Suppose an individual having both types of policies is randomly selected. (a) What is the probability that the individual has a medium auto deductible and a high homeowner's deductible?(b) What is the probability that the individual has a low auto deductible? A low homeowner's deductible? auto deductible homeowner's deductible (c) What is the probability that the individual is in the same…arrow_forward
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw HillHolt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL