A bank has studied its chequing accounts and found that 94% of all chequing accounts have been open for at least one year, the remaining percentage of chequingaccounts have been open for less than a year. The bank also determined that for all chequing accounts that have been open for less than one year, the percentage ofcheques returned due to insufficient funds is 4%. For chequing accounts that have been open for at least one year, only 1% of cheques were returned due toinsufficient funds.(a) What is the probability that a cheque processed by this bank will be returned due to insufficient funds?(b) If a cheque is returned due to insufficient funds, what is the probability that it came from a bank account that has been open for more than one year?el oroditth

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A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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After post-graduate study, Mike found a job as HR analyst in London. Thecompany is currently recruiting Chief Marketing Officer. The HR departmentrecently sent out a knowledge test to the applicants after the initial CVscreening. At this stage of selection, the company does not invite the lowestscoring 30% (the opposite is the highest 70%.) back for the next face-to-faceinterview. According to the historical data, the test scores on this test arenormally distributed and has a mean of 70 with standard deviation of 10. a.What mark (to the nearest whole number) must a candidate achieve inorder to secure an interview? Show your workings.b. Explain the characteristics of standard normal distribution and normaldistribution, respectively.
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.A sample of 80 stocks traded on the NYSE that day showed that 11 went up.You are conducting a study to see if the proportion of stocks that went up is is significantly less than 0.3. You use a significance level of α=0.02α=0.02.What is the test statistic for this sample? (Report answer accurate to three decimal places.)test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.)p-value = The p-value is... less than (or equal to) αα greater than αα This test statistic leads to a decision to... reject the null accept the null fail…
On a particular night, a baseball stadium sells 60% of its seats, and of those, 15% do not end up showing up to the game. Assuming everyone present is sitting in a seat, what percentage of seats in the stadium are empty?
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 72 stocks traded on the NYSE that day showed that 12 went up. You are conducting a study to see if the proportion of stocks that went up is significantly less than 0.3. You use a significance level of a = 0.005. What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... O less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O…
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 74 stocks traded on the NYSE that day showed that 11 went up. You are conducting a study to see if the proportion of stocks that went up is significantly less than 0.3. You use a significance level of a = 0.05. What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O fail…
Use the given conditions to write an equation for the line in point-slope form and in slope-intercept form. x-intercept = 315 == 15 and y-intercept = 1 Type the point-slope form of the equation of the line. 7 (Use integers or simplified fractions for any numbers in the equation.)
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day. A sample of 51 stocks traded on the NYSE that day showed that 22 went up. You are conducting a study to see if the proportion of stocks that went up is significantly more than 0.3. You use a significance level of a =0.05. = What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... O less than (or equal to) a O greater than a This test statistic leads to a decision to... O reject the null O accept the null O…
The control department of a light bulb manufacturer randomly picks 4400 light bulbs from the production lot every week. The records show that, when there is no malfunction, the defect rate in the manufacturing process (due to imperfections in the material used) is 1% . When 1.5% or more of the light bulbs in the sample of 4400 are defective, the control unit calls repair technicians for service. Answer the following. (If necessary, consult a list of formulas.) (a)Find the mean of p , where p is the proportion of defective light bulbs in a sample of 4400 when there is no malfunction. (b)Find the standard deviation of p . (c)Compute an approximation for P≥p0.015 , which is the probability that the service technicians will be called even though the system is functioning properly. Round your answer to four decimal places.
The control department of a light bulb manufacturer randomly picks 4400 light bulbs from the production lot every week. The records show that, when there is no malfunction, the defect rate in the manufacturing process (due to imperfections in the material used) is 1%. When 1.25% or more of the light bulbs in the sample of 4400 are defective, the control unit calls repair technicians for service. Answer the following. (If necessary, consult a list of formulas.) (a) Find the mean of p, wherep is the proportion of defective light bulbs in a sample of 4400 when there is no ? malfunction. (b) Find the standard deviation of p. (c) Compute an approximation for P(p 2 0.0125), which is the probability that the service technicians will be called even though the system is functioning properly. Round your answer to four decimal places.
Many investors and financial analysts believe the Dow Jones Industrial Average (DJIA) gives a good barometer of the overall stock market. On January 31, 2006, 9 of the 30 stocks making up the DJIA increased in price (The Wall Street Journal, February 1, 2006). On the basis of this fact, a financial analyst claims we can assume that 30% of the stocks traded on the New York Stock Exchange (NYSE) went up the same day.A sample of 80 stocks traded on the NYSE that day showed that 26 went up.You are conducting a study to see if the proportion of stocks that went up is is significantly more than 0.3. You use a significance level of α=0.002What is the test statistic for this sample? (Report answer accurate to three decimal places.) test statistic = What is the p-value for this sample? (Report answer accurate to four decimal places.) p-value = The p-value is... less than (or equal to) αα greater than αα This test statistic leads to a decision to... reject the null accept the null fail to…
An interdepartmental task force is being formed to investigate an increase in violent crimes. 1/5 of the task force will be police officers from the local precinct. 1/4 will be ATF agents, and the remaining 22 will be from the FBI. How many people are participating in the task force?
A manufacturer of exercise equipment knows that 15% of their products aredefective. They also know that only 35% of their customers will actually use the equipment in the first year after it is purchased. If there is a one-year warranty on the equipment, what proportion of the customers will actually make a valid warranty claim?

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