2710 FINAL A 001 FALL 08 SOLUTIONS

5 if a sample is taken of 64 ss recipients what is

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distribution with a known standard deviation of $240. 5. If a sample is taken of 64 SS recipients, what is the probability that the mean SS check for this sample will be between $820 and $880? A. .6826* B. .5000 C. .3174 D. .3413 6. Suppose the sample size were increased to 100. Will the probability of the sample mean lying between $820 and $880 increase or decrease? A. Increase* B. decrease 7. A forecasting manager wants to develop a 90% confidence interval for his summer volume forecast of Suntan Lotion sales used in budgeting. A sample of 25 days indicates that the sales are normally distributed with a sample mean of 2000 cases per day and a known standard deviation of 300 cases. The upper limit of the 90% confidence interval will be (rounded to nearest 100): For problems 8, 9 &10 use the following: Inventory movement for a large company, in 000’s of cases of B-vitamins per month, is shown below. This sample of 6 months has sales as shown below. 35, 65, 60, 70, 85, and 80 8. The sample mean is:
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9. The sample standard deviation is: 10. The 40 th Percentile is A. 55 B. 65* C. 70 D. 80 For problems 11 through 13 use the following information. Students are currently studying the relationship between obtaining a job upon graduation and grade point. They have obtained the following data. Grade Point Status 2.5 < 3.0 3.0 < 3.5 3.5 – 4.0 TOTAL No Job 108 30 20 158 Job 132 120 90 342 TOTAL 240 150 110 500 11. What is the probability of a person having a job given that they have a 3.5 or greater GPA? 12. If a person is selected at random, what is the probability that they will have less than a 3.5 GPA?
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