89ffx - ADM 2303 Final Examination Dec 20 1989 Calculators...

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ADM 2303 Final Examination Dec. 20, 1989 Calculators, rulers, and one page of notes allowed NAME: Student Number: The pages of this examination paper, which have been printed on BOTH sides of each sheet, are numbered from zero to 12. This page (unlabelled) is page 0. A blank page 13 is followed by a page of data labelled page 14 and a set of tables of the normal (Gaussian) distribution. This last sheet may be detached CAREFULLY so that the rest of the paper stays together. You should make sure all pages are present and clearly printed, and inform an invigilator if this is not so. There is a page of tables and data at the end of this exam which may be CAREFULLY separated from the rest of the paper. The exam contains a total of 90 (ninety) marks, as follows Question Total Score -------- ----- ----- 1 15 2 15 3 19 4 21 5 7 6 13 1. On the attached data sheet is a Minitab output presenting some data and its manipulation for different Term Certificates purchased by an investment agent on behalf of clients. Be sure to explain your work in enough detail that the marker can understand what you have done. Point form explanations are acceptable. a)[ 3 ] i) Using the information given, draw the stem and leaf diagram for the nominal percentage yield per annum of the Term Certificates. [ 1 ] ii) How would you instruct Minitab to draw this for you? b) [ 2 ] What is the probability a randomly selected Term Certificate yields less than 12% per annum? Show briefly how you get this result. c) [ 2 ] What is the median of the empirical distribution of nominal percentage yield per annum? d)i) [ 2 ] What is the mean nominal percentage yield per annum? ii) [ 1 ] How would you instruct Minitab to compute this for you? e) [ 2 ] Compute the standard deviation of the amount of Term Certificates. f) [ 2 ] Compute the standard deviation of the MEAN amount of Term Certificates.
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2. Joe and Nancy both operate milling machines to make motorcycle parts for Harley Davidson. In milling cam shaft gears, Joe has been observed to produce 8.5 shafts per hour with standard deviation of 0.6 shafts per hour. Nancy has been observed to produce 9.8 shafts per hour on average with standard deviation 1.2 shafts per hour. a) Assuming the amount produced each hour is independent of production in the previous hour: [ 2 ] i) What is Joe's expected production in 6 hours? [ 2 ] ii) What is the standard deviation of Joe's production in six hours? b) [ 4 ] Joe and Nancy are good friends, and management suspects that, while both are excellent workers, they cover off for each other so that their overall productivity is constant. Supposing that the covariance between the distributor shaft production of Joe and Nancy is -0.288 (shafts squared), what is the mean and standard deviation of their total production per hour? c) [ 1 ] What is the expected value of Nancy's hourly production over 40 randomly selected hourly periods?
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