Statistics Quiz/Test 2 Questions & Answers

Statistics Quiz/Test 2 Questions & Answers 0.8340. The value of z is - ANSWER: 0.97 A 99% confidence interval estimate can be interpreted to mean that - ANSWER: both of the above A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. What proportion of customers having to hold more that 4.5 minutes will hang up before placing an order? - ANSWER: 0.22313 A catalog company that receives the majority of orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product. The length of time was found to be a random variable best approximated by an exponential distribution with a mean equal to 3 minutes. What proportion of customers having to hold more than 1.5 minutes will hang up before placing an order? - ANSWER: 0.60653 A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. Find the age at which payments have ceased for approximately 86% of the plan participants - ANSWER: 71.78 years old A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. Find the age at which payments have ceased for approximately 86% of the plan participants. - ANSWER: 71.78 years old A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What proportion of the plan recipients die before they reach the standard retirement age of 65? - ANSWER: 0.1957 A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What proportion of the plan recipients die before they reach the standard retirement age of 65? - ANSWER: 0.1957 A company that sells annuities must base the annual payout on the probability distribution of the length of life of the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What proportion of the plan recipients die would receive payments beyond age 75? - ANSWER: 0.0228 A company that sells annuities must base the annual payout on the probability distribution of the length of life the participants in the plan. Suppose the probability distribution of the lifetimes of the participants is approximately a normal distribution with a mean of 68 years and a standard deviation of 3.5 years. What proportion of the plan recipients would receive payments beyond age 75? - ANSWER: 0.0228