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Practice%20Problems%20Set%203-solution

# Practice%20Problems%20Set%203-solution - Practice...

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Practice Problems (Binomial / Normal) ::: Dr. Avanti Sethi Your company has a new exciting product. You pick up your customer database, and start making cold calls. The probability of success is only 25%. These calls are independent as your customers don’t know one another. Based on this info, Answer the following 5 questions (for the 1 st 2 questions, think of tossing a coin like getting 2 heads out of 2 tosses or use Binomial table for Q1-Q5): 1. What is the probability of getting 2 sales out of 2 calls? .0625 2. What is the probability of getting 2 sales out of 3 calls? .1401 Suppose you made 10 calls today. What is the probability of 3. 0 sale? .0563 4. 1 sale? .1877 5. 4 or more but less than 8? .1460+.0584+.0162+.0031 Assume that for Test 2, the scores are normally distributed with a mean of 78 and variance of 49. The class has 125 students. Answer the following 25 questions. 6. What is the standard deviation (sigma)? 7 Find the z-scores (# sigmas away form the mean) for the following 4 scores (round to two decimal places).

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