# Question

In a typical month, an insurance agent presents life insurance plans to 40 potential customers. Historically, one in four such customers chooses to buy life insurance from this agent. Based on the relevant binomial distribution, answer the following questions:

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

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 ...Suppose that the number of ounces of soda put into a soft-drink can is normally distributed with µ = 12.05 ounces and σ = 0.03 ounce.a. Legally, a can must contain at least 12 ounces of soda. What fraction of cans will ...Consider a large population of shoppers, each of whom spends a certain amount during his or her current shopping trip; the distribution of these amounts is normally distributed with mean $55 and standard deviation $15. We ...A woman claims that she is a fortune-teller. Specifically, she claims that she can predict the direction of the change (up or down) in the Dow Jones Industrial Average for the next 10 days (such as U, U, D, U, D, U, U, D, D, ...The operations manager of a tollbooth located at a major exit of a state turnpike is trying to estimate the average number of vehicles that arrive at the tollbooth during a one-minute period during the peak of rush hour ...Post your question

0