Question: Answer using excel: The Acme Pro Office service provides temporary office personnel for many corporations. They have found that 88% of their invoices are paid
| Answer using excel: The Acme Pro Office service provides temporary office personnel for many corporations. They have found that 88% of their invoices are paid within 10 working days by these corporations. Suppose the service randomly selects 8 of their invoices that are at least 10 working days old. Use this situation to answer the parts below. | |||||||
| (a) | Recognizing that this is a binomial situation, give the meaning S and F in this context. That is, define what you will classify as a "success" and what you will classify as a "failure" as it refers to paying invoices within 10 working days. | ||||||
| S = | |||||||
| F = | |||||||
| (b) | Next, give the values of n,p, andq. (Recall thatq is the probability of failure in a trial.) | x | P(x) | ||||
| n = | p = | q = | |||||
| (c) | Construct the complete binomial probability distribution for this situation in a table out to the right. | ||||||
| (d) | Using your table, find the probability that exactly three of the chosen corporations paid within 10 working days. | ||||||
| (e) | Find the probability that at least six paid within 10 working days. | ||||||
| (f) | Find the probability that at most 4 paid within 10 working days. | ||||||
| (g) | Find the mean and standard deviation of this binomial probability distribution. | ||||||
| (h) | By writing a sentence, interpret the meaning of the mean value found in (g) as tied to the context of the Acme temp service and paid invoices. | ||||||
| (i) | Is it unusual to have only 6 of 8 invoices to have been paid within 10 days? Briefly explain your answer giving supporting numerical evidence. | ||||||
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
