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A secretary types three letters and the three corresponding envelopes. in a hurry, he places at random one letter in each envelope. What is the probability that at least one letter is in the correct
To play a game, you must pay $5 for each play. There is a 10% chance you will win $5, a 40% chance you will win $7, and a 50% chance you will win only $3. What are the mean and standard deviation of
The CLT implies that certain distributions will be approximately Normal for large values of certain parameters. Give a list of examples.
A sample of charge accounts at a local drug store revealed the following frequency distribution of unpaid balances:
Membership in an organization in an elite organization requires a test score in the upper 30% range. find the lowest acceptable score that would enable a candidate to apply for membership assuming t
What is the highest expected value? Assume that the probability of S2 is equal to 0.4.
What is the numerical value of the minimax regret?
Compute the expected value of perfect information assuming that the probability of S2 is equal to 0.4.
A box in a certain supply room contains seven 40-W lightbulbs, six 60-W bulbs, and three 75-W bulbs. Suppose that three bulbs are randomly selected. (Round your answers to four decimal places.)
What are examples of variables that follow a binomial and poisson distribution, and when might you use geometric probabilty?
The manufacturer of silicon wafers used in integrated circuits requires the removal of contaminating particles of a certain size. This process rinses batches of 20 wafers with deionized water. Perso
Assume that it takes a college student an average of 5 minutes to find a parking spot in the main parking lot. Assume also that this time is normally distributed with a standard deviation of 2 minut
A professor would like to utilize the normal distribution to assign grades such that 5% of students receive A's. If the exam average is 62 with a standard deviation of 13, what grade should be the c
If the probabilities of cold weather (S1), warm weather (S2), and rainy weather (S3) are 0.2, 0.4, and 0.4, respectively what is the EVPI for this situation?
Assume the following payoff table is available. Historical data indicates that there is 30% chance that the lot is poor quality (s1), 50 % chance that the lot is fair quality (s2) and 20% chance th
Calculate the probability that the second failure of one of the gentlemen's automobiles (not the second failure of a single car) occurs before time point 10.
Let X1,..., Xn be identically distributed with cdf F. Let Sn = X1+...+Xn.
Use the moment generating function of Normal(0,1) random variable (no need to derive it) to find the first 4 moments.
The following frequency distribution shows the price per share for a sample of 30 companies listed on the New York Stock Exchange. Assume there are no price per shares between 29 and 30, 39 and 40,
A study indicated that 41% of children ages 2 to 5 years had a good diet-an increase over previous years. How large a sample is needed to estimate the true proportion of children with good diets wit
Suppose gambler keeps playing roulette (and betting a $1 each time) until the first time a bet is lost, at which point the gambler quits playing for the night. What is the expected value and standar
The purchasing department of a major company has 100 employees, 22 of whom have no children, 50 of whom have exactly one child, and 28 of whom have exactly two children. Calculate the mean number o
If we flip a fair die 1,000 times, what would we expect the mean number of dots to be?