1.

According to a 2018 survey by Bankrate.com, 20% of adults in the United States save nothing for retirement (CNBC website). Suppose that 15 adults in the United States are selected randomly. a. Is the selection of the 15 adults a binomial experiment? Explain. The selection - Select your answer - v a binomial experiment because the adults are selected - Select your answer - v , p - Select your answer - v from trial to trial, the trials - Select your answer - v independent, and there are - Select your answer- v 2 outcomes possible. b. What is the probability that all of the selected adults save nothing for retirement (to 4 decimals)? c. What is the probability that exactly five of the selected adults save nothing for retirement (to 4 decimals)? d. What is the probability that at least one of the selected adults saves nothing for retirement (to 4 decimals)? The Center for Medicare and Medical Services reported that there were 295,000 appeals for hospitalization and other Part A Medicare service. For this group, 40% of first round appeals were successful (The Wall Street Journal). Suppose 10 firstround appeals have just been received by a Medicare appeals office. Refer to Binomial Probability Table. Round your answers to four decimal places. 3. Compute the probability that none of the appeals will be successful. b. Compute the probability that exactly one of the appeals will be successful. c. What is the probability that at least two of the appeals will be successful? d. What is the probability that more than half of the appeals will be successful? The following probability distributions ofjob satisfaction scores for a sample of information systems (15) senior executives and middle managers range from a low of 1 (very dissatisfied) to a high of 5 (very satisfied). Excel File: data0521.xlsx Job Satisfaction 15 Senior IS Middle Score Executives Managers 1 0.05 0.04 2 0.09 0.10 3 0.03 0.12 4 0.42 0.46 5 0.41 0.28 a. What is the expected value of the job satisfaction score for senior executives (to 2 decimals)? b. What is the expected value of the job satisfaction score for middle managers (to 2 decimals)? c. Compute the variance ofjob satisfaction scores for executives and middle managers (to 2 decimals). Executives Middle managers d. Compute the standard deviation ofjob satisfaction scores for both probability distributions (to 2 decimals). Executives Middle managers e. What comparison can you make about the job satisfaction of senior executives and middle managers? - Select your answer - v Consider a binomial experiment with n = 11 and p = 0.4. a. Compute f(0) (to 4 decimals). f(0) b. Compute f(3) (to 4 decimals). f (3) = c. Compute P(a 4) (to 4 decimals). P(x 2 4) = e. Compute E(x) (to 1 decimal). f. Compute Var(a) and o. Var(x) = (to 2 decimals) O = (to 2 decimals)The budgeting process for a midwestern college resulted in expense forecasts for the coming year (in $ millions) of $9, $10, $11, $12, and $13. Because the actual expenses are unknown, the following respective probabilities are assigned: 0.3, 0.19, 0.24, 0.09, and 0.18. Round your answers to 2 decimal places. a. Show the probability distribution for the expense forecast. 92 f(-'L') 9 10 11 12 13 b. What is the expected value of the expense forecast for the coming year? $ million c. What is the variance of the expense forecast for the coming year? d. If income projections for the year are estimated at $12 million, how much profit does the college expect to make? 53 million The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 0 0.85 500 0.06 1,000 0.04 3,000 0.02 5,000 0.01 8,000 0.01 10,000 0.01 3. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. $ b. The insurance company charges an annual rate of $496 for the collision coverage. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of coverage.) Enter negative values as negative numbers. $ Why does the policyholder purchase a collision policy with this expected value? The policyholder is concerned that an accident will result in a big repair bill if there insurance coverage. 50 even though the policyholder has an expected annual loss of$ , the insurance against a large loss. The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 0 0.85 500 0.06 1,000 0.04 3,000 0.02 5,000 0.01 8,000 0.01 10,000 0.01 3. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. $ b. The insurance company charges an annual rate of $496 for the collision coverage. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of coverage.) Enter negative values as negative numbers. $ Why does the policyholder purchase a collision policy with this expected value? The policyholder is concerned that an accident will result in a big repair bill if there J Select your answer E] insurance coverage. 50 even though the policyholder has an expected annual loss of$ , the insurance - Select y is "0 large loss. is The probability distribution for damage claims paid by the Newton Automobile Insurance Company on collision insurance follows. Payment ($) Probability 0 0.85 500 0.06 1,000 0.04 3,000 0.02 5,000 0.01 8,000 0.01 10,000 0.01 3. Use the expected collision payment to determine the collision insurance premium that would enable the company to break even. $ b. The insurance company charges an annual rate of $496 for the collision coverage. What is the expected value of the collision policy for a policyholder? (Hint: It is the expected payments from the company minus the cost of coverage.) Enter negative values as negative numbers. $ Why does the policyholder purchase a collision policy with this expected value? The policyholder is concerned that an accident will result in a big repair bill if there - Select your answer - v insurance coverage. 50 even though the policyholder has an expected annual loss of$ , the insuranct \\/ - Select your answer - aagainst a large loss. is not protecting is protecting Marketshareanalysis company Net Applications monitors and reports on Internet browser usage. According to Net Applications, in the summer of 2014, Google's Chrome browser exceeded a 20% market share for the first time, with a 20.37% share of the browser market (Forbes website). For a randomly selected group of 20 Internet browser users, answer the following questions. 3. Compute the probability that exactly 8 of the 20 Internet browser users use Chrome as their Internet browser (to 4 decimals). For this question, if you compute the probability manually, make sure to carry at least six decimal digits in your calculations. b. Compute the probability that at least 3 of the 20 Internet browser users use Chrome as their Internet browser (to 4 decimals). c. For the sample of 20 Internet browser users, compute the expected number of Chrome users (to 3 decimals). d. For the sample of 20 Internet browser users, compute the variance and standard deviation for the number of Chrome users (to 3 decimals). Variance Standard deviation A university found that 20% of its students withdraw without completing the introductory statistics course. Assume that 20 students registered for the course. 3. Compute the probability that 2 or fewer will withdraw (to 4 decimals). b. Compute the probability that exactly 4 will withdraw (to 4 decimals). c. Compute the probability that more than 3 will withdraw (to 4 decimals). d. Compute the expected number of withdrawals