BSTAT FINAL EXAM QUESTIONS AND 100%
CORRECT ANSWERS!!
The time to complete the construction of a soapbox derby car is normally distributed with
a mean of three hours and a standard deviation of one hour. Find the probability that it
would take more than five hours to construct a soapbox derby car.
0.0228
The stock price of a particular asset has a mean and standard deviation of $58.50 and
$8.25, respectively. Use the normal distribution to compute the 95th percentile of this stock
price.
72.07
Let X be normally distributed with mean µ = 250 and standard deviation σ = 80. Find the
value x such that P(X ≤ x) = 0.9394.
374
A construction company in Naples, Florida, is struggling to sell condominiums. In order to
attract buyers, the company has made numerous price reductions and better financing
offers. Although condominiums were once listed for $350,000, the company believes that it
will be able to get an average sale price of $274,000. Let the price of these condominiums in
the next quarter be normally distributed with a standard deviation of $11,000. [You may
find it useful to reference the z table.]
a. What is the probability that the condominium will sell at a price (i) Below $263,000?, (ii)
Above $300,000?
b. The company is also trying to sell an artist's condo. Potential buyers will find the
unusual features of this condo either pleasing or objectionable. The manager expects the
average sale price of this condo to be the same as others at $274,000, but with a higher
standard deviation of $15,000. What is the probability that this condo will sell at a price (i)
Below $263,000?, (ii) Above $300,000?
, a.) Below $263,000= .1587
Above $300,000= .0091
b.) below $263,000=.2367
above $300,000= .0418
Find the following probabilities based on the standard normal variable Z.
a.P(Z > 0.94)
b.P(Z ≤ −2.08)
c.P(0 ≤ Z ≤ 1.32)
d.P(−0.93 ≤ Z ≤ 2.68)
a. .1736
b. .0188
c. .4066
d. .8201
The probability that a normal random variable is less than its mean is ______.
.5
A continuous random variable is characterized by uncountable values and can take on any
value within an interval.
T
Let X be normally distributed with mean µ = 25 and standard deviation σ = 5. Find the
value x such that P(X ≥ x) = 0.1736.
29.70
The probability density function of a continuous random variable is the counterpart to the
probability mass function of a discrete random variable.
T
Gold miners in Alaska have found, on average, 12 ounces of gold per 1,000 tons of dirt
excavated with a standard deviation of 3 ounces. Assume the amount of gold found per
CORRECT ANSWERS!!
The time to complete the construction of a soapbox derby car is normally distributed with
a mean of three hours and a standard deviation of one hour. Find the probability that it
would take more than five hours to construct a soapbox derby car.
0.0228
The stock price of a particular asset has a mean and standard deviation of $58.50 and
$8.25, respectively. Use the normal distribution to compute the 95th percentile of this stock
price.
72.07
Let X be normally distributed with mean µ = 250 and standard deviation σ = 80. Find the
value x such that P(X ≤ x) = 0.9394.
374
A construction company in Naples, Florida, is struggling to sell condominiums. In order to
attract buyers, the company has made numerous price reductions and better financing
offers. Although condominiums were once listed for $350,000, the company believes that it
will be able to get an average sale price of $274,000. Let the price of these condominiums in
the next quarter be normally distributed with a standard deviation of $11,000. [You may
find it useful to reference the z table.]
a. What is the probability that the condominium will sell at a price (i) Below $263,000?, (ii)
Above $300,000?
b. The company is also trying to sell an artist's condo. Potential buyers will find the
unusual features of this condo either pleasing or objectionable. The manager expects the
average sale price of this condo to be the same as others at $274,000, but with a higher
standard deviation of $15,000. What is the probability that this condo will sell at a price (i)
Below $263,000?, (ii) Above $300,000?
, a.) Below $263,000= .1587
Above $300,000= .0091
b.) below $263,000=.2367
above $300,000= .0418
Find the following probabilities based on the standard normal variable Z.
a.P(Z > 0.94)
b.P(Z ≤ −2.08)
c.P(0 ≤ Z ≤ 1.32)
d.P(−0.93 ≤ Z ≤ 2.68)
a. .1736
b. .0188
c. .4066
d. .8201
The probability that a normal random variable is less than its mean is ______.
.5
A continuous random variable is characterized by uncountable values and can take on any
value within an interval.
T
Let X be normally distributed with mean µ = 25 and standard deviation σ = 5. Find the
value x such that P(X ≥ x) = 0.1736.
29.70
The probability density function of a continuous random variable is the counterpart to the
probability mass function of a discrete random variable.
T
Gold miners in Alaska have found, on average, 12 ounces of gold per 1,000 tons of dirt
excavated with a standard deviation of 3 ounces. Assume the amount of gold found per
