1. Dr. Lane is grading her Accounting Quizzes and is beginning to think that students randomly guessed on all of the multiple choice questions without even trying to understand the questions and response options. Assuming the Quiz had 4 multiple choice questions, each with 4 response options.
a. Create the Binomial Distribution Frequency Distribution Table and Graph for all possible numbers of correct responses on the Quiz.
b. What is the probability of randomly getting less than 2 correct answers?
c. What is the probability of randomly getting more than 1 correct answer?
d. What us the expected number of correct answers?
e. What is the expected range in the number of correct answers for any given quiz?
2. Stacy is a Realtor for Zip Realty who sells an average of 36 homes per year.
a. Zip Realty awards a $1,000 bonus to any realtor who sells 5 or more homes in a month. What is the probability of Stacy receiving this bonus?
b. Zip Realty awards a $2,000 bonus to any realtor who sells more than 20 homes in any given quarter (3 month period). What is the probability of Stacy receiving this bonus?
c. Zip Realty fires anyone selling less than home in a month. What is the probability of Stacy being fired?
d. How much error would you expect to have in the estimate of the number of homes Stacy would sell in any given month?
e. How much error would you expect to have in the estimate of the number of homes Stacy would sell in any given quarter (3 month period)?