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The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, with a mean of $70,000 and a...
The amounts of money requested on home loan applications at Down River Federal Savings follow the normal distribution, with a mean of $70,000 and a standard deviation of $20,000. A loan application is received this morning. What is the probability:a. The amount requested is $80,000 or more?b. The amount requested is between $65,000 and $80,000c. The amount requested is less than $65,000?2. The Oil Price Information Center reports the mean price per gallon of regular gasoline is $3.26 with a population standard deviation of $.18. Assume a random sample of 40 gasoline stations is selected and their mean cost for regular gasoline is computed.a. What is the standard error of the mean in this experiment?b. What is the probability that the sample mean is between $3.24 and $3.28?c. What is the probability that the sample mean is greater than $3.34?3. The American Sugar Producers Association Wants to estimate the mean yearly sugar consumption. A sample of 16 people has a mean of 60 pounds and a standard deviation of 20 pounds.a. Develop the 95 percent confidence interval for the population mean.b. Would it be reasonable to conclude that the population mean is 63 pounds?4. A tire manufacturer wished to investigate the tread life of its tires. A sample of 10 tires driven 50,000 miles revealed a sample mean of 0.32 inch of tread remaining with a standard deviation of 0.09 inch.a. Construct a 95% confidence interval for the population mean.b. Would it be reasonable to conclude that the population mean of tread remaining is 0.30 inches?
1. The amounts of money requested on home loan applications at Down River FederalSavings follow the normal distribution, with a mean of $70,000 and a standard deviation of$20,000. A loan...