-Need the excel formulas for the answers. Samantha is an inventor and looking fo
ID: 3053727 • Letter: #
Question
-Need the excel formulas for the answers.
Samantha is an inventor and looking for investors. Based on Samantha's previous endeavors, 15% of her inventions have been profitable within 5 years. Currently Samantha has seven products for which she is seeking seed money from investors a. Create a probability distribution below for each of the given number of products being profitable. b. How many products would we expect to be profitable within 5 years? b. c. What is the probability that only one of these seven products is profitable within 5 years? c. d. What is the probability that a majority of Samantha's new products turns a profit within 5 years? d. e. What is the probability that none of Samantha's new products are profitable within 5 years? e. f., g. Calculate the variance and standard deviation. f. g. a. Probability Distribution Samantha's latest invention is a success. She has created a rapid battery charger for electric vehicles. Although charging is near-instantaneous, wait times will vary based on how many cars are waiting to have their batteries recharged. Intial pilot testing of the system indicates an average wait time of 8 minutes, following an exponential distribution a. What is the probability that a customer will wait 5 minutes or less to have his/her battery charged? b. What is the probability that a customer will wait no more than 10 minutes? c. What is the likelihood that a customer will have to wait more than 15 minutes to reach the charging station? d. Provide 5 data points that can be used to graph this distribution. m 8 a. b. c. d. Point 1 Point 2 Point 3 Point 4 Point 5 D3 Page 4+Explanation / Answer
a.
This is a case of a Binomial distribution. Let X be the number of profitable products.
X ~ Bin(7, 0.15)
Excel formula for P(X=x) is
=COMBIN($O$5,N14)*($O$6^N14)*(1-$O$6)^($O$5-N14)
where
O5 = n = 7
O6 = p = 0.15
N14 = x
b.
Expected number of profitable products = np = O5*O6 = 1.05
c.
Required probability = P(X=1) = 0.396007
d.
Required probability = P(X=4) + P(X=5) + P(X=6) + P(X=7) = 0.0121
x P(X=x) 0 0.320577 1 0.396007 2 0.209651 3 0.061662 4 0.010882 5 0.001152 6 6.78E-05 7 1.71E-06Related Questions
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