Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 65% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.) (a) at least 3 out of 5 business days (b) at least 6 out of 10 business days (c) fewer than 5 out of 10 business days
Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 65% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.) (a) at least 3 out of 5 business days (b) at least 6 out of 10 business days (c) fewer than 5 out of 10 business days
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section: Chapter Questions
Problem 15CR
Related questions
Question
Trevor is interested in purchasing the local hardware/sporting goods store in the small town of Dove Creek, Montana. After examining accounting records for the past several years, he found that the store has been grossing over $850 per day about 65% of the business days it is open. Estimate the probability that the store will gross over $850 for the following. (Round your answers to three decimal places.)
(a)
at least 3 out of 5 business days
(b)
at least 6 out of 10 business days
(c)
fewer than 5 out of 10 business days
(d)
fewer than 6 out of the next 20 business days
If the outcome described in part (d) actually occurred, might it shake your confidence in the statement p = 0.65? Might it make you suspect that p is less than 0.65? Explain.
Yes. This is unlikely to happen if the true value of p is 0.65.Yes. This is likely to happen if the true value of p is 0.65. No. This is unlikely to happen if the true value of p is 0.65.No. This is likely to happen if the true value of p is 0.65.
(e)
more than 17 out of the next 20 business days
If the outcome described in part (e) actually occurred, might you suspect that p is greater than 0.65? Explain.
Yes. This is unlikely to happen if the true value of p is 0.65.Yes. This is likely to happen if the true value of p is 0.65. No. This is unlikely to happen if the true value of p is 0.65.No. This is likely to happen if the true value of p is 0.65.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL