Description
Complete the problems below from the textbook. You will need to use the “Baseball 2016 Data,” “Lincolnville School District Bus Data,” and the “Century National Bank Data” files for this assignment. The files are located in the topic materials.
Chapter 6 Problem 45
45. An auditor for Health Maintenance Services of Georgia reports 40% of policyholders 55 years or older submit a claim during the year. Fifteen policyholders are randomly selected for company records.
a. How many of the policyholders would you expect to have filed a claim within the last year?
d. What is the probability that 10 of the selected policyholders submitted a claim last year?
c. What is the probability that 10 or more of the selected policyholders submitted a claim last year?
d. What is the probability that more than 10 of the selected policyholders submitted a claim last year?
Chapter 6 Problem 71
71. Refer to the Baseball 2016 data.
Compute the mean number of home runs per game. To do this, first find the mean number of home runs per team for 2016. Next, divide this value by 162 (a season comprises 162 games). Then multiply by 2 because there are two teams in each game. Use the Poisson distribution to estimate the number of home runs that will be hit in a game. Find the probability that:
a. There are no home runs in a game.
b. There are two home runs in a game.
c. There are at least four home runs in a game.
Chapter 7 Problem 53
53. Management at Gordon Electronics is considering adopting a bonus system to increase production. One suggestion is to pay a bonus on the highest 5% of production based on past experience. Past records indicate weekly production follows the normal distribution. The mean of this distribution is 4,000 units per week and the standard deviation is 60 units per week. If the bonus is paid on the upper 5% of production, the bonus will be paid on how many units or more?
Chapter 7 Problem 55
55. Best Electronics Inc. offers a no hassle returns policy. The daily number of customers returning items follows the normal distribution. The mean number of customers returning items is 10.3 per day and the standard deviation is 2.25 per day.
a. For any day, what is the probability that eight or fewer customers returned items?
b. For any day, what is the probability that the number of customers returning items is between 12 and 14?
Chapter 7 Problem 76
76. Refer to the Lincolnville School District bus data.
a. Refer to the maintenance cost variable. The mean maintenance cost for last year is $4,552 with a standard deviation of $2332. Estimate the number of buses with a maintenance cost of more than $6,000. Compare that with the actual number. Create a frequency distribution of maintenance cost. Is the distribution normally distributed?
b. Refer to the variable on the number of miles driven since the last maintenance. The mean is 11,121 and the standard deviation is 617 miles. Estimate the number of buses traveling more than 11,500 miles since the last maintenance. Compare that number with the actual value. Create a frequency distribution of miles since maintenance cost. Is the distribution normally distributed?
Chapter 7 Case A Century National Bank
Refer to the Century National Bank data. Is it reasonable that the distribution of checking account balances approximates a normal probability distribution? Determine the mean and the standard deviation for the sample of 60 customers. Compare the actual distribution with the theoretical distribution. Cite some specific examples and comment on your findings. Divide the account balances into three groups, of about 20 each, with the smallest third of the balances in the first group, the middle third in the second group, and those with the largest balances in the third group. Next, develop a table that shows the number in each of the categories of the account balances by branch. Does it ap-pear that account balances are related to the branch? Cite some examples and comment on your findings.
For problems requiring computations, please ensure that your Excel file includes the associated cell computations and/or statistics output. This information is needed in order to receive full credit on these problems.
Submit output in one Excel file.
