Hw10 - SIEO 3600 (IEOR Majors) Assignment #10 Introduction...

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Unformatted text preview: SIEO 3600 (IEOR Majors) Assignment #10 Introduction to Probability and Statistics April 6, 2010 Assignment #10 due April 13th, 2010 ( Central limit theorem, maximum likelihood estimator ) 1. Charity University announces a fund raising target of $10 millions. It sends out n letters to its alumni. From past experience, there is a probability of 0.6 that each alumni will not respond at all. Given that an alumni does respond (with probability 0.4), the amount of contribution is a random variable with mean $ and standard deviation $ . (a) What is the mean and variance of the amount of contribution from each letter sent? (b) We can reasonably assume that each letter recipient will behave independently with the above characteristic. What is the minimum number of letters to send so that Charity University will hit its target with at least 90% probability? Hint: Think about the fire-hydrant example discussed in class....
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This note was uploaded on 10/03/2011 for the course SIEO W3600 taught by Professor Yunanliu during the Spring '10 term at Columbia.

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Hw10 - SIEO 3600 (IEOR Majors) Assignment #10 Introduction...

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