A blue print for a house has a scale of 1 in: 5feet The living room has a length of 25 inches and a width of 3 inches what is th
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Answer:
a) The expected value is given by:
and the variance is given by:
b)
And we can find this probability with the following Excel code:
=1-BINOM.DIST(25,50,0.4,TRUE)
And we got:
c) 1) Random sample (assumed)
2) np= 50*0.4= 20 >10
n(1-p) =50*0.6= 30>10
3) Independence (assumed)
Since the 3 conditions are satisfied we can use the normal approximation:
d)
e)
Step-by-step explanation:
Previous concepts
The binomial distribution is a "DISCRETE probability distribution that summarizes the probability that a value will take one of two independent values under a given set of parameters. The assumptions for the binomial distribution are that there is only one outcome for each trial, each trial has the same probability of success, and each trial is mutually exclusive, or independent of each other".
Let X the random variable of interest, on this case we now that:
The probability mass function for the Binomial distribution is given as:
Where (nCx) means combinatory and it's given by this formula:
Part a
The expected value is given by:
and the variance is given by:
Part b
For this case we want to find this probability:
And we can find this probability with the following Excel code:
=1-BINOM.DIST(25,50,0.4,TRUE)
And we got:
Part c
1) Random sample (assumed)
2) np= 50*0.4= 20 >10
n(1-p) =50*0.6= 30>10
3) Independence (assumed)
Since the 3 conditions are satisfied we can use the normal approximation:
Part d
We want this probability:
Part e
For this case we use the continuity correction and we have this:
The value of a car after 10 years be $20898.27 if the car rental company assumes each car in their fleet depreciates by 6% per year option (a) $20898.27 is correct.
<h3>What is an exponential function?</h3>It is defined as the function that rapidly increases and the value of the exponential function is always a positive. It denotes with exponent
where a is a constant and a>1
We can solve this problem by exponential function:
The word depreciate means the price is decreasing.
We can find the value be when the car is 10 years old:
p = 38800(1 - 0.06)¹⁰
p = 38800(0.94)¹⁰
p = 20898.266 ≈ $20898.27
Thus, the value of a car after 10 years be $20898.27 if the car rental company assumes each car in their fleet depreciates by 6% per year option (a) $20898.27 is correct.
Learn more about the exponential function here:
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