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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Answered: A bank has studied its chequing…

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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College instructors who adopt this book are (we hope!) twice as likely to continue to use the book the following year as they are to drop it, whereas nonusers are four times as likely to remain nonusers the following year as they are to adopt this book In the long term, what proportion of college instructors will be users of this book?
Tuff Rubbers, a tire manufacturer, knows that 5% of the tires it produces are defective. To reduce the number of defective tires that make it to market, the manufacturer uses a special device to test each tire before shipping it out. The test will correctly detect a defective tire 97% of the time. However, the test will incorrectly indicate a good quality tire is defective 6% of the time. If the test indicates a tire is defective, the tire is recycled. Otherwise, the tire makes it to market. Let D represent the event a tire is defective, and T represent the event the test indicates a tire is defective. In each part of this question, express each probability only in terms of the events D and T and justify any computation by explicitly stating the formula you are using. (a) Express each of the three probabilities listed above in terms of the events D and T. (b) What percentage of tires are recycled? (c) What percentage of recycled tires are not defective? (d) What percentage of…
A certain county had a population of 34,485 people. The county hospital is interested in estimating the number of people in the county with blood type-O. To do this, they test blood samples from 228 patients. Out of this group, 10 have blood type-O. Use this sample to estimate the number of people in the county with blood type-O.
In 2016, the New York Times reported that the average American spent 50 minutes per day on Facebook, as compared to an average of 42 minutes per day reading, exercising, or actually socializing combined. You suspect that this gap has widened over the years, and collect a random sample of 100 people. For 50 of them (again, randomly chosen from your sample), you track their time spent on Facebook; you track the other 50 peoples’ total time spent reading/exercising/socializing. (a) Say the 2016 figures regarding Americans’ time allotments still hold true. If the population standard deviation for minutes using Facebook is 12.5 minutes, and the population standard deviation for minutes spent on reading, exercising, and socializing (referred to from here on as ”Other” activities) is 8 minutes, what are the expected value and the standard error of the difference between the average amount of time spent on Facebook and the average amount of time spent on Other activities computed from a sample…
A pharmaceutical company has developed a new drug aimed at reducing the number of people affected by a particular disease. The current existing drug available on the market has a cure rate of 60%. However, before the pharmaceutical company can put the new drug on the market, the authorities need to be convinced that it is safe and more effective than the existing one. A trial is then set up. The new drug is given to 280 randomly selected patients who suffer from this disease. After the treatment, 196 people are cured. a) Is the new medicine more effective than the traditional one? Comment on your results. As a control group, 140 new patients who suffer from the same disease are selected at random but the patients in that group are given only (without knowing) vitamin C. After this “treatment” 70 people are cured. b) Is the vitamin worse than the traditional medicine in curing the disease? Comment on your results. c) On the basis of the evidence in part a) and part b) should the…
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A friend of yours tells you that they heard that 65% of all college athletes end up losing a finger or toe in their college athletic career. You're highly skeptical of this, but your not sure if that percentage is an over exageration or an under exageration. You survey 101 former student-athletes and find that 60 of them lost a digit during their college athletic career. Is this enough evidence to conclude that the true percentage of student-athletes that lose a digit during their collegiate career is really different from 65%?
If Amy spends the whole day swimming every Friday, and only Friday, what percentage of her days in a 15-week period are devoted to swimming?
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It’s assumed that students need to stay awake more to study during finals week. One way to measure this is how much coffee is consumed during Finals week at night. A local coffee house near APU counted the number of cups of coffee sold per hour during Finals week after 6 p.m. We randomly select ten (10) hours of sales records during Finals week and find out that the following number of cups of coffee were consumed: 18, 17, 22, 14, 17, 20, 22, 24, 15, 15 By comparison, the sales records from a previous week were used as a comparison. The following number of cups of coffee were consumed over a seven (7) hour period: 9, 13, 5, 15, 17, 10, 11 a. Determine what is the appropriate statistical procedure, with a brief explanation (one sentence) as to why this is the appropriate procedure. b. State the null hypothesis. c. Execute the proper calculations with the appropriate procedures. d. Present a graph when appropriate of your results. e. Include any appropriate post-hoc tests. f. State…
A poll in June 2020 found that 83% of American parents believe that virtual learning instead of in- person learning widens the equity gap for students. A later poll in October 2020 asked 1025 American parents if they believe virtual learning instead of in- person learning widens the equity gap for students, and found that 820 believe that yes, virtual learning instead of in-person learning widens the equity gap for students. Does this mean that the proportion of American parents, who believe that virtual learning instead of in-person learning widens the equity gap for students, has decreased? Test at the 10% significance level. State the hypotheses. Но: р (? На: р (? Calculate the sample proportion. Round to four decimal places. Calculate the test statistic. Round to two decimal places. Z = Find the p-value. Give to four decimal places. p-value = State your decision. Since the p-value is less than 0.1, fail to reject Ho. Since the p-value is less than 0.1, reject Ho. | Since the…
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