Chapter 6: Problem 15
Find the area under the standard normal curve a. between \(z=0\) and \(z=1.95\) b. between \(z=0\) and \(z=-2.05\) c. between \(z=1.15\) and \(z=2.37\) d. from \(z=-1.53\) to \(z=-2.88\) e. from \(z=-1.67\) to \(z=2.24\)
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Chapter 6: Problem 15
Find the area under the standard normal curve a. between \(z=0\) and \(z=1.95\) b. between \(z=0\) and \(z=-2.05\) c. between \(z=1.15\) and \(z=2.37\) d. from \(z=-1.53\) to \(z=-2.88\) e. from \(z=-1.67\) to \(z=2.24\)
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According to an article on Yahoo.com on February 19,2012, the average salary of actuaries in the U.S. is \(\$ 98,620\) a year (http://education.yahoo.net/articles/careers_for_shy_people_2.htm?kid=1KWO3). Suppose that currently the distribution of annual salaries of all actuaries in the U.S. is approximately normal with a mean of \(\$ 98,620\) and a standard deviation of \(\$ 18,000\). How much would an actuary have to be paid in order to be in the highest-paid \(10 \%\) of all actuaries?
A study has shown that \(20 \%\) of all college textbooks have a price of \(\$ 184.52\) or higher. It is known that the standard deviation of the prices of all college textbooks is \(\$ 36.35 .\) Suppose the prices of all college textbooks have a normal distribution. What is the mean price of all college textbooks?
The Bank of Connecticut issues Visa and MasterCard credit cards. It is estimated that the balances on all Visa credit cards issued by the Bank of Connecticut have a mean of \(\$ 845\) and a standard deviation of \(\$ 270 .\) Assume that the balances on all these Visa cards follow a normal distribution. a. What is the probability that a randomly selected Visa card issued by this bank has a balance between \(\$ 1000\) and \(\$ 1440\) ? b. What percentage of the Visa cards issued by this bank have a balance of \(\$ 730\) or more?
A charter bus company is advertising a singles outing on a bus that holds 60 passengers. The company has found that, on average, \(10 \%\) of ticket holders do not show up for such trips; hence, the company routinely overbooks such trips. Assume that passengers act independently of one another. a. If the company sells 65 tickets, what is the probability that the bus can hold all the ticket holders who actually show up? In other words, find the probability that 60 or fewer passengers show up. b. What is the largest number of tickets the company can sell and still be at least \(95 \%\) sure that the bus can hold all the ticket holders who actually show up?
For a binomial probability distribution, \(n=25\) and \(p=.40\). a. Find the probability \(P(8 \leq x \leq 13)\) by using the table of binomial probabilities (Table I of Appendix C). b. Find the probability \(P(8 \leq x \leq 13)\) by using the normal distribution as an approximation to the binomial distribution. What is the difference between this approximation and the exact probability calculated in part a?
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