Using Excel Formulas Solve the Following Problems
Eryn has just bought two stocks: A and B. She estimates that stock A has an 80% chance of Increasing In value. She estimates that stock B has a 70% chance of Increaslng In value. She also estimates that If stock A Increases In value, the chance that stock B will Increase jumps to 75%. 11.What's the probability that both stocks increase in value? 12. What's the probability that at least one of the stocks will increase in value? There have been 116 Nobel Prizes in Literature awarded, of those 24% were women and 13% wrote in a romance language, while 2% were women that wrote in a romance language. 13. What proportion are women but do not write in a romance language? 14. If we selected a winner at random, and it turns out that that person is a woman, how likely is it that she also writes in a romance language? 15. Are the events "Woman" and "writes in a Romance language" statistically independent? 16. Are the events "Woman" and "writes in a Romance language" mutually exclusive?The following probability distribution represents the number of bedrooms in a randomly selected US household. To simplify matters, the category "five or more" is replaced by "5" (Source: US Census, American FactFinder). 17. Calculate the expected value of the number of bedrooms per household. 18. Calculate the variance of the number of bedrooms per household. Number of Bedrooms Probability X (x) 0 2.3% 1 11.3% 2 26.8% W 39.7% 4 15.8% 5 4.1%Your car (like most cars) has four tires. Each tire has a 1% chance of running low on air in the morning. Assume that the state of one tire has no relationship to the state of the others. 19. Use the binomial probability function to determine the probability that one tire will be running low on air tomorrow morning. 20. Use the binomial probability function to determine the probability that no more than one tire will be running low on air tomorrow morning.Suppose that the high temperature on an August day in Death Valley varies between 98 and 118 degrees Fahrenheit and is uniformly distributed over this range of values. 21.What is the probability that the high temperature will exceed 100 degrees on an August day? 22. What is the expected value of the high temperature on an August day? At EveryDay Fashions, the time it takes for a returned item to be inspected and restocked for sale follows a bell-shaped pattern, with a mean of 194 minutes and a standard deviation of 42 minutes. 23. What proportion of the "turnaround" times are less than 150 minutes? 24. What proportion of the "turnaround" times are between 200 and 220 minutes? 25. What proportion of the "turnaround" times are longer 180 minutes? 26. In 25% of the cases, "turnaround" time is less than how many minutes.The 6 train (Brooklyn bound) has an average wait time of 8 minutes during rush hour. Assuming that the arrival times behireen consecutive trains have an exponential distribution and your arrival time at the station and the train arrival time are Independent. 27. What is the probability that you will have to wait 2 minutes or less? 28. What is the probability that you will have to wait between 2 and 4 minutes? 29. What is your expected wait time? 30. What is the standard deviation of the wait time
