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Natalija [7]
4 years ago
12

Scores on a recent national statistics exam were normally distributed with a mean of 80 and a standard deviation of 6. a. What i

s the probability that a randomly selected exam will have a score of at least 71? b. What percentage of exams will have scores between 89 and 92? c. If the top 2.5% of test scores receive merit awards, what is the lowest score eligible for an award? d. If there were 334 exams with scores of at least 89, how many students took the exam? e. What is the median of the population of the recent national statistics exam?
Mathematics
1 answer:
MrMuchimi4 years ago
5 0

Answer:

0.0668, 0.0440, 92, 5000, 80

Step-by-step explanation:

a. First calculate the z-score:

z = (x - μ) / σ

z = (71 - 80) / 6

z = -1.5

Now we use a calculator or z-score table to find P(z<-1.5).

P(z<-1.5) = 0.0668

b. Again, we calculate the z-scores:

z = (x - μ) / σ

z = (89 - 80) / 6

z = 1.5

z = (x - μ) / σ

z = (92 - 80) / 6

z = 2

Using a calculator or z-score table, we want to find P(1.5<z<2).  Which is equal to P(z<2) - P(z<1.5).

P(z<2) - P(z<1.5)

0.9772 - 0.9332

0.0440

c. This time we want to go backwards.  We need to find the z score such that P(z>?) = 0.0250.  Or P(z<?) = 1 - 0.0250 = 0.9750.  According to the table, z = 1.96.

Now finding the x value that gives us that z-score:

z = (x - μ) / σ

1.96 = (x - 80) / 6

11.76 = x - 80

x = 91.76

Since scores have to be whole numbers, we round up to 92.

d. From part b, we know the z-score for this is 1.5, and that P(z<1.5) = 0.9332.  That means that P(z>1.5) = 1 - 0.9332 = 0.0668.

So if 334 scores make up 6.68% of all scores, then the number of students who took the exam is:

0.0668 N = 334

N = 5000

e. For a normal distribution, the median is also the mean.  80.

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Read 2 more answers
The Weiland Computer Corporation is trying to choose between the following mutually exclusive design projects, P1 and P2:
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Answer:

a profitability index P1=1.27

profitability index P2= 1.41

b NPV P1 = $14145.01

NPV P2 = $6630.3

c YES ANSWERS ARE DIFFERENT due to fact that cash flows in P1 is higher than in P2

Step-by-step explanation:

profitability index or = <u> present value of an investment cash flows</u>=<u>67145.01</u>

benefit cost ratio                initial cost                                                  53000

For project 1 or P1                            

cost of capital 10 %                                                                        = 1.27

initial investment = $53,000 since year 0

Year   Cash flows (P1)$  present value of future cash flows PV

 1                  27,000                      24545.46

 2                 27,000                      22314.05

 3                 27,000                      20285.50

                                          Total = 67145.01

use the formula of  present value of future cash flows = C/(1+i)ⁿ

C = cash  = 27000

i = interest = 10%  = 10/ 100 = 0.1

n = year = 1

year 1 = 27000/(1+0.1)¹ = 24545.46

year 2 = 27000/(1.1)²     =    22314.05                  note n = 2

year 3 = 27000(1.1)³     =      20285.50

Profitability index = 1.27 > 1 thus it should be accepted

profitability index or = <u>present value of an investment cash flows</u>=<u>22630.30</u>

benefit cost ratio                initial cost                                                  16000

For project 1 or P1                            

cost of capital 10 %                                                                            = 1.41

initial investment = $16,000 since year 0

Year   Cash flows (P2)$  present value of future cash flows PV

 1                  9,100                     8272.73

 2                 9,100                      7520.6

 3                 9,100                     6836.97

                                          Total = 22630.30

use the formula of  present value of future cash flows = C/(1+i)ⁿ

C = cash  = 9100

i = interest = 10%  = 10/ 100 = 0.1

n = year = 1

year 1 = 9100/(1+0.1)¹ = 8272.73

year 2 = 9100/(1.1)²     =    7520.6                  note n = 2

year 3 = 9100(1.1)³     =      6836.97

Profitability index = 1.41 > 1 thus it should be accepted

Profitability index of P1 = 1.27 AND P2 1.41 SO Weiland Computer Corporation SHOULD TAKE P2

b Net Present Value (NPV) decision rule =∑ pv - initial investment required

P1 = 67145.01 - 53,000 = $14145.01

P2 = 22630.30 - 16000 = $6630.3

Weiland Computer should take P1 since P1  > P2 that is $14145.01 >$6630.3

C YES ANSWERS ARE DIFFERENT due to fact that cash flows in P1 is higher than in P2

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3 years ago
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