About 30% of new single-family homes completed in the United States during 2004 were heated with electricity.
Question:
About 30% of new single-family homes completed in the United States during 2004 were heated with electricity. For a randomly selected sample of 25 new single-family homes completed during that year and the discrete random variable, x = the number of homes in this group heated with electricity:
a. Calculate the mean and standard deviation of the binomial distribution.
b. Using the binomial distribution tables, determine the probability that x will be exactly 8 homes heated with electricity.
c. Using the binomial distribution tables, determine the probability that x will be at least 6 but no more than 9 homes.
d. Repeat part (b), using the normal approximation to the binomial distribution.
e. Repeat part (c), using the normal approximation to the binomial distribution.
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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