Suppose that you own a car dealership and purchase (randomly select) 7 cars of a certain make from a production run of 200 cars. Of the 200 cars, 160 are destined to last at least five years without needing a major repair. Set up an expression using the hypergeometric distribution for the probability that at least 6 of your 7 cars will last at least five years without needing a major repair. Then, using the binomial tables,approximate this probability by using the binomial distribution. What justifies the approximation?
Answer to relevant QuestionsLet x be the yearly proportional return for stock C, and let y be the yearly proportional return for stock D. If µx =11, µy =09, σx =17, σy =17, and σ2xy =0412, find the mean and standard deviation of the portfolio ...A consumer advocate claims that 80 percent of cable television subscribers are not satisfied with their cable service. In an attempt to justify this claim, a randomly selected sample of cable subscribers will be polled on ...Describe how to compute the mean (or expected value) of a discrete random variable, and interpret what this quantity tells us about the observed values of the random variable. A weather forecaster predicts that the May rainfall in a local area will be between three and six inches but has no idea where within the interval the amount will be. Let x be the amount of May rainfall in the local area, ...Stanford–Binet IQ Test scores are normally distributed with a mean score of 100 and a standard deviation of 16. a. Sketch the distribution of Stanford–Binet IQ test scores. b. Write the equation that gives the z score ...
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