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Chapter 5: Question 83 (page 354)

Suppose that the value of a stock varies each day from \(16to\)25with a uniform distribution.

a. Find the probability that the value of the stock is more than \(19.

b. Find the probability that the value of the stock is between role="math" localid="1648188993020" \)19and\(22.

c. Find the upper quartile - 25%of all days the stock is above what value? Draw the graph.

d. Given that the stock is greater than \)18, find the probability that the stock is more than $21.

Short Answer

Expert verified

a. The probability that the value of the stock is more than $19is 0.67

b. The probability that the value of the stock is between $19and$22is 0.33.

c. The upper quartile -25%of all days the stock is above 22.75.

d. The probability that the stock is more than $21is0.5714.

Step by step solution

01

Defining the height of Probability distribution

It is given thatX~U(16,25)

Therefore, the height or probability distribution of the data will be:

f(x)=1b-a=125-16=19

02

Finding the probability that the value of the stock is more than $19.

a) The required probability can be calculated as below:

P(x>19)=base脳height=(25-19)脳19=69=0.67
03

Finding the probability that the value of the stock is between $19 and $22.

b) The required probability can be calculated as below:

P(19<x<22)=base脳height=(22-19)脳19=39=0.33

04

Finding the upper quartile - 25% of all days the stock is above what value

c) The upper quartile can be calculated as below :

P(x>k)=base脳height鈬�0.25=(25-k)脳19鈬�9脳0.25=25-k鈬�k=22.75

05

Finding the probability that the stock is more than $21,given that the stock is greater than $18,

d) The required probability can be calculated as below:

P(x>21x>18)=base脳height=(25-21)脳1(25-18)=4脳17=0.5714

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Most popular questions from this chapter

Consider the following experiment. You are one of 100 people enlisted to take part in a study to determine the percent of nurses in America with an R.N. (registered nurse) degree. You ask nurses if they have an R.N. degree. The nurses answer 鈥測es鈥� or 鈥渘o.鈥� You then calculate the percentage of nurses with an R.N. degree. You give that percentage to your supervisor. a. What part of the experiment will yield discrete data? b. What part of the experiment will yield continuous data

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