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otez555 [7]
3 years ago
14

The amount of time that a drive-through bank teller spends on a customer is a random variable with a mean µ = 3.2 minutes and a

standard deviation σ = 1.6 minutes. if a random sample of 64 customers is observed, find the probability that their mean time at the teller’s window is:
a. at most 2.7 minutes.
b. more than 3.5 minutes.
c. at least 3.2 minutes but less than 3.4 minutes
Business
1 answer:
Nostrana [21]3 years ago
7 0
The general approach to answering this item is to determine first the z-score of the given data and convert the z-scores to percentile. The equation for z-score determination is,

        z-score = (X - μ) / σ

where X is the data, μ is the mean or average, and σ is the standard deviation.

(A)   at most 2.7 minutes
      z-score = (2.7 - 3.2) / 1.6 = -0.3125
This is equivalent to <em>37.73%</em>

(B) more than 3.5 minutes
     z-score = (3.5 - 3.2) / 1.6  = 0.1875
This is equivalent to 57.44%. We are asked for more than so we take,
      100 - 57.44% = <em>42.56%</em>

(C) z-score of 3.2 minutes
     z-score = (3.2 - 3.2) / 1.6 = 0
This is equivalent to 50%. 
     z-score of 3.4 minutes
    z-score = (3.4 - 3.2) / 1.6 = 0.125
This is equivalent to 54.97%
The difference of the two percentiles is <em>4.97%</em>. 
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Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%
Sindrei [870]

Answer:

She lost $754.05.

Explanation:

Giving the following information:

Liz Mulig earns 52,000 per year as a philosophy professor. She receives a raise of 2.5% in a year in which CPI increases by 3.8%.

<u>The rise in her salary allows her to increase her purchasing power. On the contrary, inflation decreases purchasing power. We need to calculate the differences between both effects and determine whether she can buy more or less.</u>

<u></u>

Increase in salary= 52,000*1.025= $53,300

Inflation effect= 52,000/(1-0.038)= $54,054.05

To maintain her purchasing power, now, she needs to earn $54,054.05.

She lost $754.05.

6 0
4 years ago
In the Month of March, Digby Corporation received orders of 128 units at a price of $15.00 for their product Daze. Digby uses th
Montano1993 [528]

Answer:

$1,290

Explanation:

The revenue to be recognized in march is dependent on if the revenue recognition criteria was met in march. These criteria are

  • the cost of goods delivered or service rendered can be measured reliably
  • good/services were delivered/rendered in the month

This is irrespective of whether cash was collected or not under the accrual method.

Given that Digby delivers 86 units in March at a price of $15.00, revenue to be recognized

= 86 * $15

= $1,290

6 0
3 years ago
A company's fixed operating costs are $420,000, its variable costs are $3.20 per unit, and the product's sales price is $4.65. W
Hatshy [7]

Answer: The volume of sales that will result in a break-even point is 289,655 units

Explanation: For any organization or company to break-even means its total costs is just the same as its total revenue. This means no profit, and no loss either. Or better still, profit/loss equals zero.

The equation to determine the profit or otherwise of an organization is given as Revenue minus Cost. That is, the sales figure should exceed the cost of production, and the excess would be the profit. If on the other hand the cost of production exceeds the sales figure, then the equation would result in a negative figure which simply means a loss has been recorded.

In the question above, the costs have been given as;

Fixed cost = 420000

Variable cost = 3.2y

Total cost = 420000 + 3.2y

Where y is the number of units produced.

Also the revenue has been given as 4.65y

That is, sales price multiplied by number of units produced/sold

The profit is given as revenue minus cost while the break-even point is given as revenue equals cost, that is;

420000 + 3.2y = 4.65y

Collect like terms and you have;

420000 = 4.65y - 3.2y

420000 = 1.45y

Divide both sides by 1.45

289655.172 = y

y ≈ 289,655

Therefore the sales volume that will result in a break even point is 289,655 units

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Goodwill would be unable to measure the standardize tests.
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What city on the kansas river is the capital of kansas
almond37 [142]

Answer:

Topeka

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6 0
3 years ago
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