A credit card company claims that their card is used by 40% of the people buying gasoline

Question:

A credit card company claims that their card is used by 40% of the people buying gasoline in a particular city. A random sample of 20 gasoline purchasers is made. If the company’s claim is correct, what is the probability that

(A) From 6 to 12 people in the sample use the card?

(B) Fewer than 4 people in the sample use the card?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Finite Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780134862620

14th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker

See More Books

Question Posted: Dec 28, 2023 05:10 AM

See More Questions

A company selects five samples (k = 5) of size four (n = 4) parts used in a production process and measures the diameter of each part. The following results are shown: Develop an x chart to...
Find the limit. Use 1Hospitals Rule where appropriate. If there is a more elementary method, consider using it. If 1Hospitals Rule doesnt apply, explain why. 6x? + 5x 4 lim x-1/2 4x? + 16x 9 - 4
In Example 3, use the normal curve to approximate the probability that in the sample there are (A) From 5 to 9 users of the credit card. (B) More than 10 users of the card. Data from Example 3 A...
Determine the radius of convergence of the following power series. Then test the endpoints to determine the interval of convergence. 2k (x - 3)k k
Vapor-liquid equilibrium data at 101.3 kPa are given for the chloroform-methanol system. From these data, prepare plots like Figures 4.6b and 4.6c. From the plots, determine the azeotropic...
Heller Manufacturing has two production facilities that manufacture baseball gloves. Production costs at the two facilities differ because of varying labor rates, local property taxes, type of...
Determine whether the following can be probability distributions of a random variable that can take on only the values of 0,1 , and 2 : (a) $f(0)=0.34 \quad f(1)=0.34$ and $f(2)=0.34$. (b)...
On January 1, 2014, Dunbar Corporation, an 85%-owned subsidiary of Garfield Industries, received $48,055 for $50,000 of 8%, 5-year bonds it issued when the market rate was 9%. When Garfield...
Annual interest rates are 10%. You buy a smartphone for $300 and use it for two years. Each month, you pay a $30 fee for your asm data plan. At the end of two years, you decide to upgrade to the...
Jillian Limited ( JL) issued a financial instrument with the following terms: A face value of $ 100. Not secured by any assets of the entity (unsecured). Redeemable in cash at the option of the...
In Problem, use Appendix C to find the area under the standard normal curve from 0 to the indicated measurement. 1.08 Data from Appendix C Area under the Standard Normal Curve Z 0.0 0.1 0.2 0.3 0.4...
(A) Draw a histogram for the binomial distribution (B) What are the mean and standard deviation? 3-x P(x) = 3C (.4)*(.6) -*
A call center has a total of 12 telephone lines coming into its customer service department, which is staffed by 5 customer service representatives. On average, 2 potential customers call every...
A factor associated with the widespread adoption of algorithmic trading is increased: A. market efficiency. B. average trade sizes. C. trading destinations.
Which of the following statements on fintechs use of data as part of risk analysis is correct? A. Stress testing requires precise inputs and excludes qualitative data. B. Machine learning ensures...
What is a distributed ledger technology (DLT) application suited for physical assets? A. Tokenization B. Cryptocurrencies C. Permissioned networks
Wakuluk is most likely to make significant adjustments to her estimate of the future growth trend for which of the following countries? A. Country Y only B. Country Z only C. Countries Y and Z
Wakuluks approach to economic forecasting: A. is flexible and limited in complexity. B. can give a false sense of precision and provide false signals. C. imposes no consistency of analysis across...
Terry purchased stock in Yippee Corporation for $10,000 in May 1977. He bought stock in Zapper Corporation for $20,000 in June 1980. The Yippee Corporation stock is currently worth $90,000, and the...
In Exercises discuss the continuity of each function. f(x) -3 1 x - 4 y 3 2 -1 -2 -3+ 3 X
Derive the convergence results used to obtain a Poisson distribution as the limit of a binomial distribution.
An article in Electric Power Systems Research [Modeling Real-Time Balancing Power Demands in Wind Power Systems Using Stochastic Differential Equations (2010, Vol. 80(8), pp. 966974)] considered a...
A test instrument needs to be calibrated periodically to prevent measurement errors. After some time of use without calibration, it is known that the probability density function of the measurement...
Assume you are considering buying a Food truck to sell food at local events. The equipped truck costs $24,000.00, and has an expected salvage value of $5,000.00 at the end of an expected 10 year...
What is the net income of this value listed below, Sales are budgeted at $356,000 for November, $326,000 for December, and $306,000 for January. Collections are expected to be 90% in the month of...
XYZ Limited is a listed company on the Jamaica Stock Exchange. Its market capitalization as at December 3 1 , 2 0 1 5 was $ 5 5 0 m and the outstanding shares at the same date was 4 0 , 0 0 0 , 0 0 0...

A credit card company claims that their card is used by 40% of the people buying gasoline

Question:

Step by Step Answer:

We begin by drawing a normal curve with the same mean and standard deviation as the binomial distrib...View the full answer

Finite Mathematics For Business Economics Life Sciences And Social Sciences

Students also viewed these Mathematics questions