# Question: Continuing the previous exercise use the normal approximation to the

Continuing the previous exercise, use the normal approximation to the binomial to answer each of the questions posed in parts a through f. How well does the normal approximation perform in this case? Explain.

a. What is the probability that exactly five customers will buy life insurance from this agent in the coming month?

b. What is the probability that no more than 10 customers will buy life insurance from this agent in the coming month?

c. What is the probability that at least 20 customers will buy life insurance from this agent in the coming month?

d. Determine the mean and standard deviation of the number of customers who will buy life insurance from this agent in the coming month.

e. What is the probability that the number of customers who buy life insurance from this agent in the coming month will lie within two standard deviations of the mean?

f. What is the probability that the number of customers who buy life insurance from this agent in the coming month will lie within three standard deviations of the mean?

a. What is the probability that exactly five customers will buy life insurance from this agent in the coming month?

b. What is the probability that no more than 10 customers will buy life insurance from this agent in the coming month?

c. What is the probability that at least 20 customers will buy life insurance from this agent in the coming month?

d. Determine the mean and standard deviation of the number of customers who will buy life insurance from this agent in the coming month.

e. What is the probability that the number of customers who buy life insurance from this agent in the coming month will lie within two standard deviations of the mean?

f. What is the probability that the number of customers who buy life insurance from this agent in the coming month will lie within three standard deviations of the mean?

## Answer to relevant Questions

Many vehicles used in space travel are constructed with redundant systems to protect flight crews and their valuable equipment. In other words, backup systems are included within many vehicle components so that if one or ...Suppose that 53% of all registered voters prefer Barack Obama to John McCain. a. In a random sample of 100 voters, what is the probability that the sample will indicate that Obama will win the election (that is, there will ...Many firms utilize sampling plans to control the quality of manufactured items ready for shipment. To illustrate the use of a sampling plan, suppose that a particular company produces and ships electronic computer chips in ...The annual number of industrial accidents occurring in a particular manufacturing plant is known to follow a Poisson distribution with mean 12.a. What is the probability of observing exactly 12 accidents during the coming ...A finance professor has just given a midterm examination in her corporate finance course and is interested in learning how her class of 250 students performed on this exam. The data are in the file P05_50.xlsx. Use @RISK to ...Post your question