Probability of selecting a finance or accounting major


Problem 1: A sample of 2,000 licensed drivers revealed the following number of speeding violations.

Number of Violations    Number of Drivers
0                                      1,910
1                                          46
2                                          18
3                                          12
4                                           9
5 or more                              5
Total                                   2,000

What is the experiment?

List one possible event.

What is the probability that a particular driver had exactly two speeding violations?

What concept of probability does this illustrate?

Problem 2: A survey of undergraduate students in the School of Business at Northern University revealed the following regarding the gender and majors of the students:

Major
Gender    Accounting    Management    Finance    Total
Male    100    150    50    300
Female    100    50    50    200
Total    200    200    100    500

What is the probability of selecting a female student?

What is the probability of selecting a finance or accounting major?

What is the probability of selecting a female or an accounting major? Which rule of addition did you apply?

Are gender and major independent? Why?

What is the probability of selecting an accounting major, given that the person selected is a male?

Suppose two students are selected randomly to attend a lunch with the president of the university.

What is the probability that both of those selected are accounting majors?

Problem 3: One-fourth of the residents of the Burning Ridge Estates leave their garage doors open when they are away from home. The local chief of police estimates that 5 percent of the garages with open doors will have something stolen, but only 1 percent of those closed will have something stolen. If a garage is robbed, what is the probability the doors were left open?

Problem 4: A representative of the Environmental Protection Agency (EPA) wants to select samples from 10 landfills. The director has 15 landfills from which she can collect samples. How many different samples are possible?

Problem 5: Ninety students will graduate from Lima Shawnee High School this spring. Of the 90 students, 50 are planning to attend college. Two students are to be picked at random to carry flags at the graduation.

A. What is the probability both of the selected students plan to attend college?

B. What is the probability one of the two selected students plans to attend college?

Problem 6: The mean life of a computer disk drive is 2,000 hours. The standard deviation is 140 hours. Assuming the life-time of the drives to be normally distributed, find the probability of a disk drive lasting more than 1,800 hours.

a. .4236
b. .9236
c. .8472
d. .5764
e. .2118
f. None of the above.

Problem 7: The yearly commissions per salesperson employed by a manufacturer of light machinery average $40,000 with a standard deviation of $5,000. What percent of the salespersons earn between $32,000 and $42,000?

a. 60.06%
b. 39.94%
c. 34.13%
d. 65.87%
e. 81.66%
f. None of the above.

Problem 8: A study of 200 stamping firms revealed these incomes after taxes:

Income After Taxes    Number of Firms
Under $1 million                  102
$1 million up to $20 million    61
$20 million and more            37

Problem 9: What is the probability that a particular firm selected has under $1 million in income after taxes?

a. 0.000
b. 0.250
c. 0.333
d. 0.510
e. None of the above.

Problem 10: A study of the opinion of designers with respect to the primary color most desirable for use in executive offices showed that:

Primary Color    Number of Opinions
Red                           92
Orange                      86
Yellow                       46
Green                       91
Blue                          37
Indigo                       46
Violet                         2

What is probability that a designer does not prefer red?

a. 1.000
b. 0.770
c. 0.000
d. 0.230
e. None of the above.

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Basic Statistics: Probability of selecting a finance or accounting major
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