Mean Median Mode Variance

86 85.5 84 8.888889

Day Stock Price Stock price - 86 (Stock price - 86)^2

1 82 -4 16
2 83 -3 9
3 84 -2 4
4 84 -2 4 a
5 85 -1 1 b
6 86 0 0 c
7 87 1 1 d
8 88 2 4 e
9 90 4 16 f
10 91 5 25
Total 860 80
Standard Deviation Range
2.98142396999972 9

Mean 86
Median 85.5
Mode 84
Variance 8.88888888888889
Standard Deviation 2.98142396999972
Range 9
In 2012, the average donation to the Help Way was $225 with a standard deviation of $45. In 2013, the average do

Answer to be found by finding co efficient of variation (CV)of the data

2012
Mean Standard Deviation CV
225 45 0.2
2013
Mean Standard Deviation CV
400 60 0.15

Dispertion is more for 2012 year

of $45. In 2013, the average donation was $400 with a standard deviation of $60. In which year did the donations show a more disperse
nations show a more dispersed distribution?
 Dispertion will be greater for the compay that has higher co efficient of variance = Baba, Inc

CV (Baba,Inc)
Mean 4.04
Standard Deviation 1.13
CV 0.279703
CV (Maman,Inc)
Mean 16.41
Standard Deviation 2.34
CV 0.142596
aba, Inc
 If n = 10 and π = 0.70, then the standard deviation of the binomial distribution is________

n 10
π 0.7
SQRT(n*π*(1-π))
Standard Deviation 1.44913767461894
ibution is________
 The employees of a company were surveyed on questions regarding their educational background
Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probab

College Degree No College Degree Total

Single 60 40 100
Married 340 160 500
Total 400 200

Probability 0.73333333333
r educational background (college degree or no college degree) and marital status (single or married).
e graduates. The probability that an employee of the company is single or has a college degree is:__________
 Number of Vehicles Involved
Role of Alchohol Total
1 2 3
Yes 50 100 20 170
No 25 175 30 230
Total 75 275 50 400

6 More than 1 vehicle (275+50 ) / 400 81.25%

7 Alchohol and Single Vehicle (50 / 400 ) 12.50%
8 No Alchohol, Multiple Vehicles (175+30 ) / 400 51.25%
9 Alchohol and Multiple vehicles Vehicle (100+20 ) / 400 30.00%
Role of Alchohol Did Well on Mid term Did Poorly on Mid term
Studying for exam 80 20
Went Bar Hopping 30 70
Total 110 90

10 Bar hopping, Did well (30 ) / 200 15%

11 Did well or Bar Hopping (110+100-30)/20 90%
12 Did well and Studying (80) / 200 40%
 The employees of a company were surveyed on questions regarding their educational background (colleg
Of the 600 employees, 400 had college degrees, 100 were single, and 60 were single college graduates. The probability

College Degree No College Degree Total

Single 60 40 100
Married 340 160 500
Total 400 200

Probability 0.56666666667
ucational background (college degree or no college degree) and marital status (single or married).
graduates. The probability that an employee of the company is married and has a college degree is:__________
 In a game called Taxation and Evasion, a player rolls a pair of dice. If, on any turn, the sum is 7, 11, or 1
Otherwise, she avoids taxes. Suppose a player takes 5 turns at rolling the dice. The probability that she do

Dice 1 Dice 2 Dice 1 Dice 2

1 6 11 5 6
2 5 6 5
7 3 4
4 3 Dice 1 Dice 2
12
5 2 6 6
6 1

Number of events for getting audited 9

Total events 36
14 Probability of getting audited 0.25
Probability of not getting audited 0.75
Probability of not getting audited for 5 turns 0.2373047

Probability of getting audited 0.25

Probability of not getting audited 0.75
15
n 5
Standard Deviation {sq.rt(n*(π)(1-π))} 0.968246
ny turn, the sum is 7, 11, or 12, the player gets audited.
e. The probability that she does not get audited is ________
 A national trend predicts that women will account for half of all business trave
A recent survey of American hotels found th
Find the probability that more t

This is a problem of Bionomial Distribution

We have to find the probability of hotels 8,9,10,11 and 12 with 70% chance of succes and 30 % failure to pr

N 20
X 8,9,10,11,12
π 0.7

X N ! / {(X!*(N-X)!} Factorial simplification

20 ! 20 !
8 125970.00
8! (20-8)! 8! 12!
20 ! 20 !
9 167960
9! (20-9)! 9! 11!
20 ! 20 !
10 184756
10! (20-10)! 10! 10!
20 ! 20 !
11 167960
11! (20-11)! 11! 9!
20 ! 20 !
12 125970
12! (20-12)! 12! 8!
trend predicts that women will account for half of all business travelers in the next 3 years. To attract these women business travelers, ho
A recent survey of American hotels found that 70% offer hairdryers in the bathrooms. Consider a random and inde
Find the probability that more than 7 but less than 13 of the hotels in the sample offered hairdryers in

ls 8,9,10,11 and 12 with 70% chance of succes and 30 % failure to provide hair dryers

Answer = 0.226449323

Prob of desired * Prob of undesired events Final Prob

0.000000030637 0.0038592819

0.0000000714852 0.0120066549

0.000000166799 0.0308170809

0.000000389197 0.0653695655

0.000000908127 0.1143967397
e women business travelers, hotels are providing more amenities that women particularly like.
ms. Consider a random and independent sample of 20 hotels.
he sample offered hairdryers in the bathrooms.
 The probability that house sales will increase in the next 6 months is estimated to be 0.25. The probability that th
The probability that house sales or interest rates will go up during the next 6 months is estimated to be 0.89. The probabili

P (Housing loans) 0.25

P (Interest Rates) 0.74
P (Housing Loans ∪ Interest Rates) 0.89

P(Housing Loans and Interest Rates) = P (Housing loans)

P(Housing Loans and Interest Rates) = 0.1

e 0.25. The probability that the interest rates on housing loans will go up in the same period is estimated to be 0.74.
ated to be 0.89. The probability that both house sales and interest rates will increase during the next 6 months is:__________

+ P (Interest Rates) - P (Housing Loans ∪ Interest Rates)

be 0.74.
ths is:__________
The probability that house sales will increase in the next 6 months is estimated to be 0.25. The probability that th

during the next 6 months is:______

P (Housing loans) 0.25

P (Interest Rates) 0.74
P (Housing Loans ∪ Interest Rates) 0.89

P(Housing Loans and Interest Rates) = P (Housing loans)

P(Housing Loans and Interest Rates) = 0.1

P(Only Housing Loans) = P (Housing loans)

P(Only Housing Loans) = 0.15

e 0.25. The probability that the interest rates on housing loans will go up in the same period is estimated to be 0.74.

g the next 6 months is:_____________

+ P (Interest Rates) - P (Housing Loans ∪ Interest Rates)

- P(Housing Loans and Interest Rates)

be 0.74.
The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the cos
Assuming that the two events are independent, the probability that the cost is kept wit

P (Increased sales) 0.8

P (Cost in orginal budget) 0.4

P (Cost within budget and increased sales) = P (Increased sales)

0. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40.
ability that the cost is kept within budget and the campaign will increase sales is:_________

* P (Cost in orginal budget) = 0.32

location is 0.40.
 The probability that a new advertising campaign will increase sales is assessed as being 0.80. The probability that the co
Assuming that the two events are independent, the probability that neither the cost

P (Increased sales) 0.8

P (Cost in orginal budget) 0.4
P' (Increased sales) 0.2
P'(Cost in orginal budget) 0.6

P (Cost within budget and increased sales) = P' (Increased sales) *

0. The probability that the cost of developing the new ad campaign can be kept within the original budget allocation is 0.40.
bability that neither the cost is kept within budget nor the campaign will increase sales is:

P' (Cost in orginal budget) = 0.12

allocation is 0.40.
 According to a survey of American households, the probability that the residents own 2 cars
Of the households surveyed, 60% had incomes over $50,000 and 70% had 2 cars. The probability that the residents of a

P (2 cars | 50000 +) 0.8

P (50000+) 0.6

From the given data we can form below table

Income over 50000 Income below 50000 Total

2 cars 0.48 0.22 0.7
less than 2 0.12 0.18 0.3
Total 0.6 0.4

Answer = 0.48
he residents own 2 cars if annual household income is over $50,000 is 80%.
that the residents of a household own 2 cars and have an income over $50,000 a year is:___________
 According to a survey of American households, the probability that the residents own 2 cars
Of the households surveyed, 60% had incomes over $50,000 and 70% had 2 cars. The probability that the residents do n

P (2 cars | 50000 +) 0.8

P (50000+) 0.6

From the given data we can form below table

Income over 50000 Income below 50000 Total

2 cars 0.48 0.22 0.7
less than 2 cars 0.12 0.18 0.3
Total 0.6 0.4

Answer = 0.45
ility that the residents own 2 cars if annual household income is over $50,000 is 80%.
probability that the residents do not own 2 cars if annual household income is not over $50,000 is:____________
A company has 2 machines that produce widgets. An older machine produces 23% defective widgets, while the new machin
In addition, the new machine produces 3 times as many widgets as the older machine does. Given that a widget was prod

Defective Non Defective Total

Old 23 77 100
New 8 92 100
Total 31 169

Answer = 0.92
s, while the new machine produces only 8% defective widgets.
n that a widget was produced by the new machine, what is the probability it is not defective?
Alarm Success Failure
A 0.8 0.2
B 0.8 0.2

24 P (Both are successful) = 0.8*0.8 0.64

25 P (Both fail) = 0.2*0.2 0.04
26 P (Atlease 1 is successful) = 1- 0.04 0.96
A consulting firm that surveyed consumers’ holiday shopping behavior found that the percentage of consumers from the U.S.,
The survey also found that the percentage of consumers from the U.S., Canada, & China who said that they were willing to sha
Suppose you randomly select 5 consumers from each of the three countries

Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events

27 5 1 0.01024
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
28 0 1 0.07776
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
5 1 0.01024
29 4 5 0.01536
3 10 0.02304
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
0 1 0.07776
30 1 5 0.05184
2 10 0.03456
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
0 1 0.07776
1 5 0.05184
31
2 10 0.03456
3 10 0.02304
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
32 5 1 0.01024
Question X N ! / {(X!*(N-X)!} Prob of desired * Prob of undesired events
33 5 1 0.0459165024
ntage of consumers from the U.S., Canada, and China who said that they planned to spend more on holiday shopping were 40%, 34% and
o said that they were willing to share personal information with retailers in order to receive personalized offers from retailers were 55%, 4

Holiday Non Holiday

Willing to
Nonshare
Willing
infoto share info
US 0.4 0.6 0.55 0.45
Canada 0.34 0.66 0.46 0.54
China 0.73 0.27 0.72 0.28

Calculation Final Prob

0.01024 0.01024
Calculation Final Prob
0.07776 0.07776
Calculation Final Prob
0.01024
0.0768 0.31744
0.2304
Calculation Final Prob
0.07776
0.2592 0.68256
0.3456
Calculation Final Prob
0.07776
0.2592
0.91296
0.3456
0.2304
Calculation Final Prob
0.01024 0.01024
Calculation Final Prob
0.0459165 0.0459165024
 ing were 40%, 34% and 73%, respectively.
om retailers were 55%, 46% & 72%, respectively.

Willing to share info

Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
34 6 4 0.133852617539983 0.133852617539983
Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
0 0.002478752176666
1 0.014872513059998
35 6 2 0.044617539179995 0.285056500316631
3 0.089235078359989
4 0.133852617539983
Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
0 0.002478752176666
1 0.014872513059998
2 0.044617539179995
36 6 0.554320358635389
3 0.089235078359989
4 0.133852617539983
5 0.16062314104798

Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer

5 0.16062314104798
6 0.16062314104798
37 6 0.56218099366793
7 0.137676978041126
8 0.103257733530844
Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
5 0.16062314104798
6 0.16062314104798
38 6 0.43781900633207
7 0.137676978041126
8 0.103257733530844
 Partial Probability Cummulative Probability

0 0.0024787521767 0.002479
1 0.01487251306 0.017351
2 0.04461753918 0.061969
3 0.08923507836 0.151204
4 0.13385261754 0.285057
5 0.160623141048 0.445680
6 0.160623141048 0.606303
7 0.1376769780411 0.743980
8 0.1032577335308 0.847237
9 0.0688384890206 0.916076
10 0.0413030934123 0.957379
11 0.0225289600431 0.979908
12 0.0112644800215 0.991173
13 0.0051989907792 0.996372
14 0.0022281389054 0.998600
15 0.0008912555621 0.999491
16 0.0003342208358 0.999825
17 0.000117960295 0.999943
18 3.932009833E-05 0.999982
19 1.241687316E-05 0.999995
20 3.725061947E-06 0.999999
21 1.064303413E-06 1.0
Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
2 0.142162965744861
39 4.06 3 0.192393880308045 0.529836634565572
4 0.195279788512666
Questions λ  X Probability = EXP(-λ)*(λ^x)/(FACT(x)) Final Answer
6 0.107297130730913
40 0.169529466554842
4.06 7 0.062232335823929
 Salary Mean Std Deviation
Jwellery 15000 10000 2000
Waiter 1000 300
Question X Mean Standard Deviation  z = (x-μ)/σ P(X)
41 13000 10000 2000 1.5 0.9332
42 8000 10000 2000 -1 0.1587
43 12000 10000 2000 1 0.1587
44 9500 10000 2000 -0.25 0.5987
11000 10000 2000 0.5
45 0.1499
12000 10000 2000 1
 Suppose the time interval between two consecutive defective light bulbs from a production line has a uniform

46. Referring to Scenario 6-3, what is the mean of the time inter

47. Referring to Scenario 6-3, what is the variance of the time inte

48. Referring to Scenario 6-3, what is the standard deviation of the tim

49. Referring to Scenario 6-3, what is the probability that the time interval between two consecutive def
50. Referring to Scenario 6-3, what is the probability that the time interval between two consecutive defe

A B Mean {(A+B)/2}
46
0 90 45
Time Intervals (B-A)^2 {(B-A)^2}/12
47 0
8100 675
90
Time Intervals (B-A)^2 SQ.ROOT{(B-A)^2}/12
48 0
8100 25.9807621135332
90

A B Probabiltiy = (A-B)/ Range

49 10 9 0.011111111111111
50 9 0 0.1
 production line has a uniform distribution over an interval from 0 to 90 minutes.

at is the mean of the time interval?

t is the variance of the time interval?

he standard deviation of the time interval?

l between two consecutive defective light bulbs will be exactly 10 minutes?

between two consecutive defective light bulbs will be less than 10 minutes?
 51
Mean 4.7
Probability (x ≤ 4.5) 0.3085

Probability (x ≥ 5.2) 0.1056

Probability (4.5 ≤ x ≤ 5.2) 0.5859

53
Probability (4.7 ≤ x ≤ 4.9) = 0.1915
Probability (x ≥ 4.9) = 0.5 - Probability (4.7 ≤ x ≤ 4.9)
= 0.3085

54
Probability (x ≥ 4.9) = 0.3085
Probability (x ≤ 4.9) = 0.5 - Probability(x ≥ 4.9)
= 0.6915

54
Probability (x ≥ 4.9) = 0.3085
Probability (x ≤ 4.9) = 0.5 - Probability(x ≥ 4.9)
= 0.6915

55
Probability (4.2 ≤ x ≤ 4.9) = 0.3944
Probability (x ≤ 4.2) = 1 - Probability (4.2 ≤ x ≤ 4.9)
= 0.1056
 52
Probability (4.7 ≤ x ≤ 4.9) = Probability (4.5 ≤ x ≤ 4.7) = 1 – 0.3085
Probability (4.2 ≤ x ≤ 4.7) = Probability (4.7 ≤ x ≤ 5.2) = 1 – 0.1056

Probability (4.2 ≤ x ≤ 4.9)

= 0.1915
= 0.3944

= 0.5859
Mean = 0.095

56
Probability (x ≤ 0.08) 0.25
Probability (x ≤ 0.08 ≤ 0.1150) 0.65
Probability (x ≤ 0.1150) 0.9

57
Probability (x ≤ 0.1150) 0.9
Probability (x ≥ 0.1150) 1-Probability (x ≤ 0.1150)
Probability (x ≥ 0.1150) 0.1

58
Probability (x ≤ 0.080) 0.25
Probability (0.08 ≤ x ≤ 0.095) 0.5 - Probability (x ≤ 0.080)
Probability (0.08 ≤ x ≤ 0.095) 0.25
Probability (0.095 ≤ x ≤ 0.115) Probability (0.080 ≤ x ≤ 0.115) - Probability (0.080 ≤ x ≤ 0.095)
Probability (0.095 ≤ x ≤ 0.115) 0.4
Probability (0.075 ≤ x ≤ 0.110) Probability (0.075 ≤ x ≤ 0.095) + Probability (0.095 ≤ x ≤ 0.110)
Probability (0.075 ≤ x ≤ 0.110) 0.65
 59
Probability (0.075 ≤ x ≤ 0.095) 0.4
Probability (x ≤ 0.075) 0.5 - Probability (0.075 ≤ x ≤ 0.095)
Probability (x ≤ 0.075) 0.1

60
Probability (0.095 ≤ x ≤ 0.11) 0.25
Probability (x ≤ 0.11) 0.5 + Probability (0.095 ≤ x ≤ 0.11)
Probability (x ≤ 0.11) 0.75
Probability (x ≤ 0.11) 0.75
Probability (x ≥ 0.11) 1 - Probability (x ≤ 0.11)
Probability (x ≤ 0.11) 0.25
Hence. required the value above which will account for the
highest 25% of the possible annual returns is 0.11
≤ 0.080)

bability (0.080 ≤ x ≤ 0.095)

bability (0.095 ≤ x ≤ 0.110)