Homework Help is Here – Start Your Trial Now!
Math
Statistics
a. Assuming that 50% of all workers who change jobs cash out their pension plans, if 16 workers who have recently changed jobs that had pension plans are randomly sampled, what is the probability that more than 10 of them cashed out their pension plan?

a. Assuming that 50% of all workers who change jobs cash out their pension plans, if 16 workers who have recently changed jobs that had pension plans are randomly sampled, what is the probability that more than 10 of them cashed out their pension plan?

Intermediate Algebra
Intermediate Algebra
19th Edition
ISBN:9780998625720
Author:Lynn Marecek
Publisher:Lynn Marecek
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.58TI: What is the total effect on the economy of a government tax rebate of $500 to each household in...
See similar textbooks
icon
Related questions
Question

q2

Assume that a study has shown that about half of all Canadian workers who change jobs cash out their pension plans rather than leaving the money in the account to grow. The percentage is much higher for workers with small pension plan balances. In fact, 87% of workers with pension plan accounts less than $5,000 opt to take their balance rather than roll it over into other retirement accounts when they change jobs. *(Round your answer to 3 decimal places, e.g. 0.758.) **(Round your answer to 4 decimal places, e.g. 0.7589.) Appendix A Statistical Tables a. Assuming that 50% of all workers who change jobs cash out their pension plans, if 16 workers who have recently changed jobs that had pension plans are randomly sampled, what is the probability that more than 10 of them cashed out their pension plan? b. If 10 workers who have recently changed jobs and had pension plans with accounts less than $5,000 are randomly sampled, what is the probability that exactly 6 of them cashed out? **
Transcribed Image Text:Assume that a study has shown that about half of all Canadian workers who change jobs cash out their pension plans rather than leaving the money in the account to grow. The percentage is much higher for workers with small pension plan balances. In fact, 87% of workers with pension plan accounts less than $5,000 opt to take their balance rather than roll it over into other retirement accounts when they change jobs. *(Round your answer to 3 decimal places, e.g. 0.758.) **(Round your answer to 4 decimal places, e.g. 0.7589.) Appendix A Statistical Tables a. Assuming that 50% of all workers who change jobs cash out their pension plans, if 16 workers who have recently changed jobs that had pension plans are randomly sampled, what is the probability that more than 10 of them cashed out their pension plan? b. If 10 workers who have recently changed jobs and had pension plans with accounts less than $5,000 are randomly sampled, what is the probability that exactly 6 of them cashed out? **
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9780998625720
Author:
Lynn Marecek
Publisher:
OpenStax College
SEE MORE TEXTBOOKS