Question 1- 8 - Type The Letter Corresponding To Your Answers In Table Provided 2 3 5 6 Question 1 - 4 (1 mark each = 4 marks) The number of students attending the weekly tutorial for the last 7 weeks was recorded as follows: 23, 23, 18, 26, 20, 31, 20 1. What is the sample mean? A 23 B 22 C 25 D 24 2. What is the median? A 26 B 23 C 22 D 4 3. What is the sample variance? A 19.333 B 16.571 C 4.397 D 4.071 4. What is the sample range? A -3 B 8 C 13 D 20 Question 5 - 8 (1 mark each = 4 marks) A survey was conducted to determine whether if a customer would recommend the store is independent to the store's location. The result of the survey is tabulated for the following possible responses and the store's location. Sydney CBD Parramatta CBD Total Would recommend 20 60 80 Would not recommend 10 10 20 Total 30 70 100 Let W be the event that the customer would recommend the store and Let M be the event that the store's location is Sydney CBD. 5. What is P (M)? A 0.20 B 0.30 C 0.80 D 0.67 6. What is the P (M n W)? A 0.20 B 0.60 C 0.90 D 0.30 7. What is the P (M U W)? A 0.10 B 0.60 C 0.90 D 0.30 8. What is the P (M | W)? A 0.20 B 0.67 C 0.90 D 0.25Question 9 - 15- Type The Letter Corresponding To Your Answers In Table Provided 9 10 11 12 13 14 15 Question 9 - 12 (1 mark each = 4 marks) A fast food franchise is deciding between four locations for its new store. The locations and expected revenues are shown in the table along with the likelihoods that the store will be popular or unpopular. Probability Location A Location B Location C Location D Popular 0.7 50,000 40,000 25,000 30,000 UnPopular 0.3 20,000 40,000 65,000 40,000 9. What is the EMV for Location A? A 70,000 B 35,000 C 50,000 D 41,000 10. Based on maximising EMV, what A A B B C C D D location should be selected? 11. What is the EPPI? A 115,000 B 54,500 C 70,000 D 23,500 12. A market research firm has offered to do a study that will guarantee the franchiser that they can select the best location. What is the A 20,500 B 14,500 C 13,500 D 17,500 most that the franchiser should be willing to pay for such a research report? Question 13 - 15 (1 mark each = 3 marks) A bank has a savings account in which it knows that the balance across all accounts is normally distributed, with a mean of $8000 and a standard deviation of $1000. 13. The bank pays a higher rate of interest for accounts with a balance over $9500. Approximately, what proportion of accounts A 0.9332 B 0.8413 C 0.0668 D 0.0062 qualifies for this higher rate of interest? 14. The bank intends to write to account holders with balances in the bottom 3%. Approximately what will be the cut-off level (to A 6120 B 9880 C 7512 D 6200 the nearest dollar) below which an account holder will receive a letter? 15. If 16 accounts are selected at random, find the probability that the average balance is A 0.0228 B 2 C 0.9772 D 0.7486 more than $ 8500?Below are all the formulas that were covered in the unit. In the final exam, if you use one of these formulas, please just write the formula number; for example, if you were performing a one-sample t- test for population mean, you would write "formula number 36". 1. * = n 2. N 3 S = M-1 4. 0 = [ x'-N(M) 5 6 N-1 7-1 N-1 7. C. V. = = or 8. XINT = X+f X (XX+1 - Xx) 9. IQR = Q3 - Q1 10. FEmifi 11. SR [m'f-n(@) 1-1 12. P (A) = n(A) 13. P(A n B) = "(AnB) 14. P(A| B) = Man) n(S) M(B 15. P(A) = 1 -P(A) 16. P(A UB) = P(A) + P(B) -P(AnB) 17. P (A UB) = P(A) + P (B) (Mutually exclusive events only) 18. P(AnB) = P(A) x P(B |A) 19. P (A n B) = P(A) XP (B) (Independent events only) 20. P = E(X) = Ex . p (xi) 21. 62 = V(x) 22. p(x) = M! = [ [x2 p(x)] - p2 x!(m-x); P*(1 -p)"-x 23. p(x) = MAX 24. EMV = Ex . p(x) 25. EVPI = EPPI - EMV* x! 26. z= 1 27. Xo = [+ z x q 28. = =; 2 - H 29 P -2 P xq 30. x 1 z/, in 31. x1to/, in . piza/ n 33. n > Zz/2012 B 34.\fTABLE 2 Critical Values of t d.f. to.1 to.05 to.025 to.01 to.005 d.f. to.1 to.05 to.025 to.01 to.005 3.078 6.314 12.706 31.821 63.657 36 1.306 1.688 2.028 2.434 2.719 1.886 2.920 4.303 6.965 9.925 37 1.305 1.687 2.026 2.431 2.715 3 1.638 2.353 3.182 4.541 5.841 38 1.304 1.686 2.024 2.429 2.712 A 1.533 2.132 2.776 3.747 4.604 39 1.304 1.685 2.023 2.708 5 1.476 2.015 2.571 3.365 4.032 40 1.303 1.684 2.021 2.423 2.704 1.440 1.943 2.447 3.143 3.707 41 1.303 1.683 2.020 2.421 2.701 1.415 1.895 2.365 2.998 3.499 42 1.302 1.682 2.018 2.418 2.698 1.397 1.860 2.306 2.896 3.355 43 1.302 1.681 2.017 2.416 2.695 g 1.383 1.833 2.262 2.821 3.250 44 1.301 1.680 2.015 2.414 2.692 10 1.372 1.812 2.228 2.764 3.169 45 1.301 1.679 2.014 2.412 2.690 11 1.363 1.796 2.201 2.718 3.106 46 1.300 1.679 2.013 2.410 2.687 12 1.356 1.782 2.179 2.681 3.055 47 1.300 1.678 2.012 2.408 2.685 13 1.350 1.771 2.160 2.650 3.012 48 1.299 1.677 2.011 2.407 2.682 14 1.345 1.761 2.145 2.624 2.977 49 1.299 1.677 2.010 2.405 2.680 15 1.341 1.753 2.131 2.602 2.947 50 1.299 1.676 2.009 2.403 2.678 16 1.337 1.746 2.120 2.583 2.921 51 1.298 1.675 2.008 2.402 2.676 17 1.333 1.740 2.110 2.567 2.898 52 1.298 1.675 2.007 2.400 2.674 18 1.330 1.734 2.101 2.552 2.878 53 1.298 1.674 2.006 2.399 2.672 19 1.328 1.729 2.093 2.539 2.861 54 1.297 1.674 2.005 2.397 2.670 20 1.325 1.725 2.086 2.528 2.845 55 1.297 1.673 2.004 2.396 2.668 21 1.323 1.721 2.080 2.518 2.831 56 1.297 1.673 2.003 2.395 2.667 22 1.321 1.717 2.074 2.508 2.819 57 1.297 1.672 2.002 2.394 2.665 23 1.319 1.714 2.069 2.500 2.807 58 1.296 1.672 2.002 2.392 2.663 24 1.318 1.711 2.064 2.492 2.797 59 1.296 1.671 2.001 2.391 2.662 25 1.316 1.708 2.060 2.485 2.787 1.296 1.671 2.000 2.390 2.660 26 1.315 1.706 2.056 2.479 2.779 27 1.314 1.703 2.052 2.473 2.771 70 1.294 1.667 1.994 2.381 2.648 28 1.313 1.701 2.048 2.467 2.763 80 1.292 1.664 1.990 2.374 2.639 29 1.311 1.699 2.045 2.462 2.756 90 1.291 1.662 1.987 2.368 2.632 30 1.310 1.697 2.042 2.457 2.750 100 1.290 1.660 1.984 2.364 2.626 31 1.309 1.696 2.040 2.453 2.744 32 1.309 1.694 2.037 2.449 2.738 150 71.655 1.976 2.351 2.609 33 1.308 1.692 2.035 2.445 2.733 200 1.286 1.653 1.972 2.345 2.601 34 1.307 1.691 2.032 2.441 2.728 35 1.306 1.690 2.030 2.438 2.724 1.282 1.645 1.960 2.326 2.576