all the answers must be typed to four decimal points. please dont forget the uni
ID: 3051697 • Letter: A
Question
all the answers must be typed to four decimal points.
please dont forget the unit/label for question 4
The hotel room rate in New York City is normally distributed with a mean of $226 per night. Assume that the standard deviation is unknown. (See exercise 25 on page 289 of your textbook for a similar problem.) Question4 if 27% of the New York City hotel room rates are more than $244 per night, what is the variance? (Remember the label.) 14% of individuals insured by All Driver Automobile Insurance Company have received at least one traffic ticket. See exercise 49 on page 339 of your textbook for a similar problem. Question 5 For a sample of 160 insured individuals, what is the probability that btwen 14 and 27 of them have received at least one ticket? The Economic Policy Institute reports that the average entry-level wage for male college graduates is $21.32 per hour and for female college graduates is $19.45 per hour. The standard deviation for male graduates is $3.80 and for female graduates is $2.73. Assume wages are normally distributed. (See exercise 23 on page 326 of your textbook for a similar problem.) If 50 male graduates are chosen, find the probability the sample average entry-level wage is at least $19.94.Explanation / Answer
4)
mean = 226 , x = 244 ,
z value at 27% = -0.6128
z = (x - mean)/std.dev.
-0.6128 * std.dev. = (244 -226)
std.dev = 862.7948
5) n =160 , p = 0.14
mean = np = 0.14 * 160 = 22.4
std.dev. = sqrt(npq) = sqrt ( 160 * 0.14 * 0.86) = 4.3891
P(14 < x < 27)
= P((14 -22.4) / 4.3891 < z < ( 27 - 22.4)/4.3891))
= P(-1.9138 < z < 1.0481)
P(14 < x < 27) = P(-1.9138 < z < 1.0481) = 0.8249
6)
n =50 , mean = 21.32 , s = 3.80
P(X > 19.94)
z = ( x - mean)/ ( s/sqrt(n))
= (19.94 - 21.32) / ( 3.8/sqrt(50))
= -2.5679
P(X > 19.94) = P(z > -2.5679) = 0.9949
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