here is a short quiz in my statistic class .. answer the problem by using excel function The answer should be in the same worksheet If you can do it as fast as possible I will appreciate, because it has deadline
fina_220_quiz_2.xlsx
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FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 1 (2 points) – Probability Concepts
1) the expected number of admissions, and
2) The standard deviation for the number of admissions.
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 1 (2 points) – Probability Concepts
The admissions office at UDC estimates the distribution of student admissions for the Fall semester of 2017 on
the basis of past experience. Examine the table below and calculate admissions
1) the expected number of admissions, and
2) The standard deviation for the number of admissions.
Admissions
1000
1200
1500
Probability
0,6
0,3
0,1
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 2 (3 points) – Probability Concepts
A box contains 3 balls that are identical in size. One ball is Red, one is Blue, and one is Green.
Answer the following questions.
a) You pick a ball at random from the box without looking, what is the probability that it will be a Red ball.
b) You pick a ball, note the color, put it back in the box, then repeat the experiment a second time.
b.1) What is the total possible number of outcomes of the two-step experiment?
b.2) what is the number of outcomes in which you get two Red balls?
b.3) What is the probability that you will pick two Red balls ?
c) You pick a ball, note the color, do not put it back in the box, then pick another ball.
c.1) What is the total number of possible outcomes of the two-step experiment?
c.2) what is the number of outcomes in which you get one Red ball and one Blue ball?
c.3) What is the probability that you will pick one Red ball and one Blue ball (order does not matter) ?
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 2 (3 points) – Probability Concepts
A box contains 3 balls that are identical in size. One ball is Red, one is Blue, and one is Green.
Answer the following questions.
a) You pick a ball at random from the box without looking, what is the probability that it will be a Red ball.
b) You pick a ball, note the color, put it back in the box, then repeat the experiment a second time.
b.1) What is the total possible number of outcomes of the two-step experiment?
b.2) what is the number of outcomes in which you get two Red balls?
b.3) What is the probability that you will pick two Red balls ?
c) You pick a ball, note the color, do not put it back in the box, then pick another ball.
c.1) What is the total number of possible outcomes of the two-step experiment?
c.2) what is the number of outcomes in which you get one Red ball and one Blue ball?
c.3) What is the probability that you will pick one Red ball and one Blue ball (order does not matter) ?
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 3 (3 points) – Binomial Distribution
Six letters are randomly sent to different locations within the same city.
a) What is the probability that all six will arrive within 2 days?
b) What is the probability that exactly five will arrive within 2 days?
c) Find the mean number of letters that will arrive within 2 days.
d) Compute the variance and the standard deviation of the number of letters that will arrive within 2 days.
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 3 (3 points) – Binomial Distribution
The U.S. Postal Service reports that 95% of First-Class mail within the same city is delivered within 2 days of the
time of the mailing.
Six letters are randomly sent to different locations within the same city.
a) What is the probability that all six will arrive within 2 days?
b) What is the probability that exactly five will arrive within 2 days?
c) Find the mean number of letters that will arrive within 2 days.
d) Compute the variance and the standard deviation of the number of letters that will arrive within 2 days.
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 4 (2 points) – Uniform Distribution
a) What is the minimum amount of insurance expenditure?
b) What is the maximum amount of insurance expenditure?
c) What is the mean amount of insurance expenditure?
d) What is the standard deviation of the amount spent?
e) If we seelect a family at random, what is the probability that they spend less than $2,000 per year on insurance
FINA 220 – Business Statistics
QUIZ 2 (10 points)
Question 4 (2 points) – Uniform Distribution
According to the Insurance Institute of America, a family of 4 spends between $400 and $3,800 per year on all
types of insurance. Suppose the money spent is uniformly distributedbetween these amounts. Answer the
following questions.
a) What is the minimum amount of insurance expenditure?
b) What is the maximum amount of insurance expenditure?
c) What is the mean amount of insurance expenditure?
d) What is the standard deviation of the amount spent?
e) If we seelect a family at random, what is the probability that they spend less than $2,000 per year on insurance?
…
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