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(Keep 4 decimal places if necessary) A pawn broker is a person who lends money for interest on the security of an article that is being pawned. If a person does not pay the money back plus interest, the item can then be placed for sale in the pawn store to the general public. Sam's Pawn Broker always carries enough cash to ensure there is enough money on hand each morming to provide customers for their pawned items. Each customer that comes in can either pawn items or buy items for which the pawn term is over (they could also pay for items they have in pawn plus the interest- but this is irrelevant to the problem). All customers are independent of each other. Assume the amount of money a customer pawns items for is normally distributed with a mean of $250 and a standard deviation of $100. The amount of money a customer purchases items for at the pawn shop is uniformly distributed between $300 to $500 dollars. There were 6 customers that pawned items. There were 14 customers that made a purchase of pawned items. a) Find the probability that the amount of money a customer pawns an item for is between $200 and $400. b) Find the probability that the amount of money a customer pawns an item for is greater than $250. c) Find the probability that the amount of money a customer pawns an item for is greater than $300 or less than $150. d) A customer claimed that the money he pawned an item for at another pawn shop was in the top 2.5% of their pawned items. The amount he pawned the item for was $350 at the other pawn shop. The amount of money customers pawn items for at the other pawn shop is also normally distributed with a mean of $250. What is the standard deviation of the values of all pawned items at the other pawn shop? e) What is the probability that the amount of money a customer purchases a pawned item for, is between $300 and $350?.

(Keep 4 decimal places if necessary) A pawn broker is a person who lends money for interest on the security of an article that is being pawned. If a person does not pay the money back plus interest, the item can then be placed for sale in the pawn store to the general public. Sam's Pawn Broker always carries enough cash to ensure there is enough money on hand each morming to provide customers for their pawned items. Each customer that comes in can either pawn items or buy items for which the pawn term is over (they could also pay for items they have in pawn plus the interest- but this is irrelevant to the problem). All customers are independent of each other. Assume the amount of money a customer pawns items for is normally distributed with a mean of $250 and a standard deviation of $100. The amount of money a customer purchases items for at the pawn shop is uniformly distributed between $300 to $500 dollars. There were 6 customers that pawned items. There were 14 customers that made a purchase of pawned items. a) Find the probability that the amount of money a customer pawns an item for is between $200 and $400. b) Find the probability that the amount of money a customer pawns an item for is greater than $250. c) Find the probability that the amount of money a customer pawns an item for is greater than $300 or less than $150. d) A customer claimed that the money he pawned an item for at another pawn shop was in the top 2.5% of their pawned items. The amount he pawned the item for was $350 at the other pawn shop. The amount of money customers pawn items for at the other pawn shop is also normally distributed with a mean of $250. What is the standard deviation of the values of all pawned items at the other pawn shop? e) What is the probability that the amount of money a customer purchases a pawned item for, is between $300 and $350?.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.2: Exponential Functions
Problem 55E
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(Keep 4 decimal places if necessary) A pawn broker is a person who lends interest on the security of an article that is being pawned. If a person does not pay the money back plus interest, the item can then be placed for sale in the pawn store to the general public. Sam's Pawn Broker always carries enough cash to ensure there is enough money on hand each morning to provide customers for their pawned items. Each customer that comes in can either pawn items or buy items for which the pawn term is over (they could also pay for items they have in pawn plus the interest-but this is irrelevant to the problem). All customers are independent of each other. Assume the amount of money a customer pawns items for is normally distributed with a mean of $250 and a standard deviation of $100. The amount of money a customer purchases items for at the pawn shop is uniformly distributed between $300 to $500 dollars. There were 6 customers that pawned items. There were 14 customers that made a purchase of pawned items. money for a) Find the probability that the amount of money a customer pawns an item for is between $200 and $400. b) Find the probability that the amount of money a customer pawns an item for is greater than $250. c) Find the probability that the amount of money a customer pawns an item for is greater than $300 or less than $150. d) A customer claimed that the money he pawned an item for at another pawn shop was in the top 2.5% of their pawned items. The amount he pawned the item for was $350 at the other pawn shop. The amount of money customers pawn items for at the other pawn shop is also normally distributed with a mean of $250. What is the standard deviation of the values of all pawned items at the other pawn shop? e) What is the probability that the amount of money a customer purchases a pawned item for, is between $300 and S350?.
Transcribed Image Text:(Keep 4 decimal places if necessary) A pawn broker is a person who lends interest on the security of an article that is being pawned. If a person does not pay the money back plus interest, the item can then be placed for sale in the pawn store to the general public. Sam's Pawn Broker always carries enough cash to ensure there is enough money on hand each morning to provide customers for their pawned items. Each customer that comes in can either pawn items or buy items for which the pawn term is over (they could also pay for items they have in pawn plus the interest-but this is irrelevant to the problem). All customers are independent of each other. Assume the amount of money a customer pawns items for is normally distributed with a mean of $250 and a standard deviation of $100. The amount of money a customer purchases items for at the pawn shop is uniformly distributed between $300 to $500 dollars. There were 6 customers that pawned items. There were 14 customers that made a purchase of pawned items. money for a) Find the probability that the amount of money a customer pawns an item for is between $200 and $400. b) Find the probability that the amount of money a customer pawns an item for is greater than $250. c) Find the probability that the amount of money a customer pawns an item for is greater than $300 or less than $150. d) A customer claimed that the money he pawned an item for at another pawn shop was in the top 2.5% of their pawned items. The amount he pawned the item for was $350 at the other pawn shop. The amount of money customers pawn items for at the other pawn shop is also normally distributed with a mean of $250. What is the standard deviation of the values of all pawned items at the other pawn shop? e) What is the probability that the amount of money a customer purchases a pawned item for, is between $300 and S350?.
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