Your company produces two varieties of self-sealing stem bolts, standard and deluxe. In one year you can produce 365 bolts (of either type). Based on last years sales you might expect to sell four standard bolts for each deluxe sold.
Find the probability that more than 300 standard bolts out of 365 orders. (2 pts)
Now find the same probability using the normal approximation for the binomial. (2 pts)
Find the 10th percentile. (This means the probability of less than X of the 365 orders would be for standard bolts) (2 pts)
Now find and interpret the 90th percentile.