n wiley plus com edugen/student/mainfr uni k actes place your bookmarks here on
ID: 3127454 • Letter: N
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n wiley plus com edugen/student/mainfr uni k actes place your bookmarks here on the bookmarks bat BUSINESS STATISTICS (ECON 245 Black, Business Studes have shown that about har d workers who change jobs cash out ther 4010) pats rather than leaving the money in the account to The percentage is higher for workers with mal 4010)balances. In Brw of workers 4010) accounts less than ss,000 opt take their balance in cash rather it over into individual retirement accounts when they change jobs. Acoende A statistical tables (Round vowr answer to 3 places when calculating using Table A2) (Round your answer to 4 Assuming that 50% of al workers who change debs cash out their 401(k) plans, f 16 werkers who have recently changed obs that had 4010) plans are sampled, what is the prabablty that more than 10 of them cashed out their 401(k)plan? b. 10 werkers who have recently changed jobs and had 4010) plans ith accounts lea than s5 000 are randomly sampled, what is the probablity that exactly 6 of them Question Attempts o of 2 used EArER SueHEEANSWERExplanation / Answer
a)
Note that P(more than x) = 1 - P(at most x).
Using a cumulative binomial distribution table or technology, matching
n = number of trials = 16
p = the probability of a success = 0.5
x = our critical value of successes = 10
Then the cumulative probability of P(at most x) from a table/technology is
P(at most 10 ) = 0.894943237
Thus, the probability of at least 11 successes is
P(more than 10 ) = 0.105056763 [ANSWER]
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b)
Note that the probability of x successes out of n trials is
P(n, x) = nCx p^x (1 - p)^(n - x)
where
n = number of trials = 10
p = the probability of a success = 0.87
x = the number of successes = 6
Thus, the probability is
P ( 6 ) = 0.026008076 [ANSWER]
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