Exam 6: Continuous Probability Distributions

The price of a stock is uniformly distributed between $30 and $40. a.What is the probability that the stock price will be more than $37? b.What is the probability that the stock price will be less than or equal to $32? c.What is the probability that the stock price will be between $34 and $38? d.Determine the expected price of the stock. e.Determine the standard deviation for the stock price.

The price of a bond is uniformly distributed between $80 and $85. a.What is the probability that the bond price will be at least $83? b.What is the probability that the bond price will be between $81 and $90? c.Determine the expected price of the bond. d.Compute the standard deviation for the bond price.

Z is a standard normal random variable. The P (-1.20  z  1.50) equals

For a standard normal distribution, a negative value of z indicates

The mean of a standard normal probability distribution

Exhibit 6-1 Consider the continuous random variable x, which has a uniform distribution over the interval from 20 to 28. -Refer to Exhibit 6-1. The mean of x is

The assembly time for a product is uniformly distributed between 6 to 10 minutes. The standard deviation of assembly time (in minutes) is approximately

Exhibit 6-2 The travel time for a college student traveling between her home and her college is uniformly distributed between 40 and 90 minutes. -Refer to Exhibit 6-2. The probability that she will finish her trip in 80 minutes or less is

Given that z is a standard normal random variable, what is the value of z if the area to the right of z is 0.1401?

Exhibit 6-5 The weight of items produced by a machine is normally distributed with a mean of 8 ounces and a standard deviation of 2 ounces. -Refer to Exhibit 6-5. What percentage of items will weigh between 6.4 and 8.9 ounces?

Exhibit 6-5 The weight of items produced by a machine is normally distributed with a mean of 8 ounces and a standard deviation of 2 ounces. -Refer to Exhibit 6-5. What is the probability that a randomly selected item will weigh between 11 and 12 ounces?

Excel's NORM.S.INV function can be used to compute

Exhibit 6-6 The life expectancy of a particular brand of tire is normally distributed with a mean of 40,000 and a standard deviation of 5,000 miles. -Refer to Exhibit 6-6. What is the random variable in this experiment?

A local bank has determined that the daily balances of the checking accounts of its customers are normally distributed with an average of $280 and a standard deviation of $20. a.What percentage of its customers has daily balances of more than $275? b.What percentage of its customers has daily balances less than $243? c.What percentage of its customers' balances is between $241 and $301.60?

A standard normal distribution is a normal distribution with

The assembly time for a product is uniformly distributed between 6 to 10 minutes. The probability of assembling the product in less than 6 minutes is

Exhibit 6-1 Consider the continuous random variable x, which has a uniform distribution over the interval from 20 to 28. -Refer to Exhibit 6-1. The probability density function has what value in the interval between 20 and 28?

The highest point of a normal curve occurs at

The time it takes a mechanic to change the oil in a car is exponentially distributed with a mean of 5 minutes. a.What is the probability density function for the time it takes to change the oil? b.What is the probability that it will take a mechanic less than 6 minutes to change the oil? c.What is the probability that it will take a mechanic between 3 and 5 minutes to change the oil?

Exhibit 6-2 The travel time for a college student traveling between her home and her college is uniformly distributed between 40 and 90 minutes. -Refer to Exhibit 6-2. What is the random variable in this experiment?