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Answer using excel: The Acme Pro Office service provides temporary office personnel for many corporations. They have found that 88% of their invoices are paid
Answer using excel: The Acme Pro Office service provides temporary office personnel for many corporations. They have found that 88% of their invoices are paid within 10 working days by these corporations. Suppose the service randomly selects 8 of their invoices that are at least 10 working days old. Use this situation to answer the parts below. | |||||||
(a) | Recognizing that this is a binomial situation, give the meaning S and F in this context. That is, define what you will classify as a "success" and what you will classify as a "failure" as it refers to paying invoices within 10 working days. | ||||||
S = | |||||||
F = | |||||||
(b) | Next, give the values of n,p, andq. (Recall thatq is the probability of failure in a trial.) | x | P(x) | ||||
n = | p = | q = | |||||
(c) | Construct the complete binomial probability distribution for this situation in a table out to the right. | ||||||
(d) | Using your table, find the probability that exactly three of the chosen corporations paid within 10 working days. | ||||||
(e) | Find the probability that at least six paid within 10 working days. | ||||||
(f) | Find the probability that at most 4 paid within 10 working days. | ||||||
(g) | Find the mean and standard deviation of this binomial probability distribution. | ||||||
(h) | By writing a sentence, interpret the meaning of the mean value found in (g) as tied to the context of the Acme temp service and paid invoices. | ||||||
(i) | Is it unusual to have only 6 of 8 invoices to have been paid within 10 days? Briefly explain your answer giving supporting numerical evidence. | ||||||
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