Answer:
The detailed work and solution can be found in the attachment
Step-by-step explanation:
(a) Suppose one house from the city will be selected at random. Use the histogram to estimate the probability that the selected
house is valued at less than $500,000. Show your work.
(b) Suppose a random sample of 40 houses are selected from the city. Estimate the probability that the mean value of the 40 houses is less than $500,000. Show your work.
(b) Suppose a random sample of 40 houses are selected from the city. Estimate the probability that the mean value of the 40 houses is less than $500,000. Show your work.
1 answer:
Answer:
a. 0.71
b. 0.9863
Step-by-step explanation:
a. Analyzing the histogram shows that the frequency of houses valued under 500,000 is 0.34 and 0.37.
Therefore, the probability is calculated as follows:
This means that the likelihood of a house being valued at less than 500,000 is 0.71.
b.
-Based on the information given, we find the mean to be 403 and the standard deviation to be 278. To determine the probability that the mean price for a sample of 40 houses is below 500,000, we can use the following method:
Consequently, the probability that the average value of 40 randomly selected homes is under 500,000 is 0.9863.
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The average speed for his entire journey from York to Blackpool is about 61.41 km/h.
Here’s a breakdown of how we arrive at this:
The distance he travelled from York to Leeds is 45 km,
and the speed during that section was 54 km/h.
Therefore, the time taken to travel from York to Leeds is 45/54 hours (since Time = Distance/Speed).
Next, the distance from Leeds to Blackpool is 42 km,
and the time for that leg of the journey is 35 minutes, which is 35/60 hours.
This leads to the total duration for his trip as
hours.
The cumulative distance covered equals 45 + 42 = 87 km.
Thus, his average speed is calculated as:
Response:
the expected value of this raffle if you purchase 1 ticket = -0.65
Breakdown of the calculation:
Details:
5,000 tickets are sold at $1 each for a charitable raffle
Winners will be chosen at random with cash prizes as follows: 1 prize of $500, 3 prizes of $300, 5 prizes of $50, and 20 prizes of $5.
Therefore, the value and its respective probability can be calculated as follows:
Value Probability
$500 - $1 = $499 1/5000
$300 - $1 = $299 3/5000
$50 - $1 = $49 5/5000
$5 - $1 = $4 20/5000
-$1 1 - 29/5000 = 4971/5000
The expected value of the raffle when buying 1 ticket is computed as follows:
So, the expected value of this raffle when one ticket is purchased = -0.65