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When a customer places an order with Rudy’s On-Line Office Supplies. a computerized accounting information system (AIS) automatically checks to see if the customer has exceeded his or her credit limit. Past records indicate that the probability of customers exceeding their credit limit is 0.05. Suppose that, on a given day. 20 customers place orders. Assume that the number of customers that the AIS detects as having exceeded their credit
limit is distributed as a binomial random variable.
a. What are the mean and standard deviation of the number of customers exceeding their credit limits?
b. What is the probability that zero customers will exceed their credit limits?
c. What is the probability that one customer will exceed his or her credit limit?
d. What is the probability that two or more customers will exceed their credit limits?
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Chapter 5 Solutions
Basic Business Statistics Student Value Edition Plus NEW MyLab Statistics with Pearson eText -- Access Card Package (13th Edition)
- A manufacturer has determined that a machine averages one faulty unit for every 500 it produces. What is the probability that an order of 300 units will have one or more faulty units?arrow_forwardFind the probability of each event. Drawing 5 orange cubes from a bowl containing 5 orange cubes and 1 beige cubesarrow_forwardShow that the probability of drawing a club at random from a standard deck of 52 playing cards is the same as the probability of drawing the ace of hearts at random from a set of four cards consisting of the aces of hearts, diamonds, clubs, and spades.arrow_forward
- Describe how to determine the probability of an event.arrow_forwardFind the probability of each event. Rolling a sum of 11 on one roll of three dicearrow_forwardWhat term is used to express the likelihood of an event occurring? Are there restrictions on its values? If so, what are they? If not, explain.arrow_forward
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