Question: How should I respond to this post: The workbook I used to complete the questions is attached. I found the PDFs very helpful and well
How should I respond to this post: The workbook I used to complete the questions is attached. I found the PDFs very helpful and well laid out! The average Price for the cars in my data set is $29,252. There are 5 cars that are priced below this average. The P or Success value for this data set is 0.5. Since P+Q = one, then to solve for Q it would be written: Q =1-P. Q=1-0.5. Q=0.5. To find the probability that exactly 4 cars are priced below the average, P(x=4), using the excel formula =BINOM.DIST(4,10,0.5,FALSE) the answer is 20.51% To find the probability that fewer than 5 cars are priced below the average, P(x<=4), using the excel formula =BINOM.DIST(4,10,0.5,TRUE) the answer is 37.70% To find the probability that more than 6 cars are priced below the average, 1 - P(x 6)., using the excel formula =1-BINOM.DIST(6,10,0.5,TRUE) the answer is 17.19% To find the probability that at least 4 cars are priced below the average, 1 - P(x 3)., using the excel formula =1-BINOM.DIST(3,10,0.5,TRUE) the answer is 82.81% Thanks
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