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Assuming that the change in daily closing prices for stocks on the New York Stock Exchange is a random variable that is normally distributed with a mean of $0.35 and a standard deviation of $0.33. Based on this information, what is the probabilities
that a randomly selected stock will be lower by $0.40 or more?
that a randomly selected stock will be between $0.30 and $0.45?
The manager of a computer help desk operation has collected enough data to conclude that the distribution of time per call is normally distributed with a mean equal to 8.21 minutes and a standard deviation of 2.14 minutes. The manager has decided to have a signal system attached to the phone so that after a certain period of time, a sound will occur on his employees phone if he exceeds the time limit. The manager wants to set the time limit at a level such that it will sound on only 8 percent of all calls. What is the time limit should be?
A recent study showed that the length of time that juries deliberate on a verdict for civil trials is normally distributed with a mean equal to 12.56 hours with a standard deviation of 6.7 hours. Given this information, what is the probability that a deliberation will last between 10 and 15 hours?
It is assumed that the time customers spend in a record store is uniformly distributed between 3 and 12 minutes. Based on this information, what is the probability that a customer will spend more than 9 minutes in the record store?
It is assumed that the time failures for an electronic component are exponentially distributed with a mean of 50 hours. Based on this information, what is the probability that a randomly selected part will fail in less than 10 hours?
The binomial distribution is frequently used to help companies decide whether to accept or reject a shipment based on the results of a random sample of items from the shipment. For instance, suppose a contract calls for, at most, 15 percent of the items in a shipment to be red. To check this without looking at every item in the large shipment, a sample of n= 60 items is selected. Use the normal approximation to find the following probabilities
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