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The owner of a fish market determined that the mean weight for a catfish is 3.2 pounds with a
standard deviation of 0.8 pound. Assuming the weights of catfish are normally distributed, the
probability that a randomly selected catfish will weigh between 3 and 5 pounds is _______?
0.5865

The owner of a fish market determined that the mean weight for a catfish is 3.2 pounds with a
standard deviation of 0.8 pound. A citation catfish should be one of the top 2% in weight.
Assuming the weights of catfish are normally distributed, at what weight (in pounds) should the
citation designation be established?
4.84 pounds
True or False: The probability that a standard normal variable, Z, is between 1.50 and 2.10 is the
same as the probability Z is between – 2.10 and – 1.50.
True

The true length of boards cut at a mill with a listed length of 10 feet is normally distributed with a
mean of 123 inches and a standard deviation of 1 inch. What proportion of the boards will be less
than 124 inches?
0.8413

You were told that the amount of time elapsed between consecutive trades on a foreign stock
exchange market followed a normal distribution with a mean of 15 seconds. You were also told
that the probability that the time elapsed between two consecutive trades to fall between 16 to 17
seconds was 13%. The probability that the time elapsed between two consecutive trades would
fall below 13 seconds was 7%. What is the probability that the time elapsed between two
consecutive trades will be between 13 and 16 seconds?
73% or 0.73

You were told that the mean score on a statistics exam is 75 with the scores normally distributed.
In addition, you know the probability of a score between 55 and 60 is 4.41% and that the
probability of a score greater than 90 is 6.68%. What is the probability of a score greater than 95?
2.27% or 0.0227
Suppose Z has a standard normal distribution with a mean of 0 and standard deviation of 1. The
probability that Z is less than 1.15 is __________.
0.8749

The amount of time necessary for assembly line workers to complete a product is a normal
variable with a mean of 15 minutes and a standard deviation of 2 minutes. So, 90% of the products
require more than __________ minutes for assembly.
12.44

3
According to Investment Digest, the arithmetic mean of the annual return for common stocks over
an 85-year period was 9.5% but the value of the variance was not mentioned. Also 25% of the
annual returns were below 8% while 65% of the annual returns were between 8% and 11.5%. The
article claimed that the distribution of annual return for common stocks was bell-shaped and
approximately symmetric. Assume that this distribution is normal with the mean given above.
Answer the following questions without the help of a calculator, statistical software or statistical
table. What is the value above which will account for the highest 25% of the possible annual
returns?
11%

John has two jobs. For daytime work at a jewelry store he is paid $15,000 per month, plus a
commission. His monthly commission is normally distributed with mean $10,000 and standard
deviation $2000. At night he works occasionally as a waiter, for which his monthly income is
normally distributed with mean $1,000 and standard deviation $300. John's income levels from
these two sources are independent of each other. The probability is 0.75 that John's commission
from the jewelry store is less than how much in a given month?
$11348.98
True or False: A point estimate consists of a single sample statistic that is used to estimate the
true population parameter.
True

Private colleges and universities rely on money contributed by individuals and corporations for
their operating expenses. Much of this money is put into a fund called an endowment, and the
college spends only the interest earned by the fund. A recent survey of 8 private colleges in the
United States revealed the following endowments (in millions of dollars): 60.2, 47.0, 235.1, 490.0,
122.6, 177.5, 95.4, and 220.0. What value will be used as the point estimate for the mean
endowment of all private colleges in the United States?
$180.975
True or False: The sampling error can either be positive or negative.
True

A 99% confidence interval estimate can be interpreted to mean that

Both above.
If you were constructing a 99% confidence interval of the population mean based on a sample of
n=25 where the standard deviation of the sample S = 0.05, the critical value of t will be
2.7969

It is desired to estimate the mean total compensation of CEOs in the Service industry. Data were
randomly collected from 18 CEOs and the 95% confidence interval was calculated to be
($2,181,260, $5,836,180). Which of the following interpretations is correct?
We are 95% confident that the mean total compensation of all CEOs in the
Service industry falls in the interval $2,181,260 to $5,836,180.
As an aid to the establishment of personnel requirements, the director of a hospital wishes to
estimate the mean number of people who are admitted to the emergency room during a 24-hour
period. The director randomly selects 64 different 24-hour periods and determines the number of
admissions for each. For this sample,   = 396 and S = 100. Which of the following assumptions is
necessary for a confidence interval to be valid?
None of these assumptions are necessary.
The county clerk wants to estimate the proportion of voters who will need special election
facilities. The clerk wants to construct a 95% confidence interval for the population proportion
which extends at most 0.07 to either side of the sample proportion. How large a sample must be
taken to assure these conditions are met?
196

A quality control engineer is interested in estimating the proportion of defective items coming off
a production line. In a sample of 300 items, 27 are defective. A 90% confidence interval for the
proportion of defectives from this production line would go from __________ to __________.
0.063 to 0.117
True or False: A sample of 100 fuses from a very large shipment is found to have 10 that are
defective. The 95% confidence interval would indicate that, for this shipment, the proportion of
defective fuses is between 0 and 0.28.
False