Answer:
a. 0.71
b. 0.9863
Step-by-step explanation:
a. From the histogram, the relative frequency of houses with a value less than 500,000 is 0.34 and 0.37
-#The probability can therefore be calculated as:
Hence, the probability of the house value being less than 500,000 is o.71
b.
-From the info provided, we calculate the mean=403 and the standard deviation is 278 The probability that the mean value of a sample of n=40 is less than 500000 can be calculated as below:
Hence, the probability that the mean value of 40 randomly selected houses is less than 500,000 is 0.9863
Answer:307.2222 or just 307
Step-by-step explanation:
Answer: 8359
Step-by-step explanation:
The formula for sample size needed for interval estimate of population proportion :-
Given : The significance level : 
Critical value : 
Previous estimate of proportion : 
Margin of error : 
Now, the required sample size will be :-
Hence, the required sample size = 8359
I think the answer is 381
Answer:
Ordinary annuity
Step-by-step explanation:
Given : ABC Insurance offers an annuity with 4.5% APR for the next 5 years. You decide to invest $1000 each year into this account.
To find : What type of annuity is this?
Solution :
Annuity is the form of insurance in which some of the money is paid each year to secure for future.
There are two types of annuity:
Ordinary annuity - In this annuity the payment is made at the end of each period over a fixed length of time. Also in this annuity payments are made monthly, quarterly, semi-annually or annually.
Annuity due - is the opposite of ordinary annuity as in this the payment is made at the beginning of each period.
In the given situation the annuity is ordinary annuity because the investment is done each year for 5 years.
