Question

In a particular year, 40% of home sales were partially financed by the seller. A random...

In a particular year, 40% of home sales were partially financed by the seller. A random sample of 250 sales was examined. What is the probability that 115 or fewer of the 250 homes were partially financed by the seller?

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

P = 0.4 (% of home sales)

n = 250 (sample)

X = 115

X/ n = 115/ 250

         = 0.46

Mean = 0.4

This is normal approximation to the binomial.

Standard deviation = √ (pq/ n)

                                = √ (0.4*0.6/250)

                                 = 0.030984

Z = (p-q)/ se(p^)

    = (0.46-0.4)/0.0309838668

      =1.9364916

P (Z>1.9364916) = 0.0264

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Suppose that 40% of all home buyers will do some remodeling to their home within the...
Suppose that 40% of all home buyers will do some remodeling to their home within the first five years of home ownership. Assuming this is true, use the binomial distribution to determine the probability that in a random sample of 20 homeowners, 4 or fewer will remodel their homes. Use the binomial table. 1.) The probability that 4 or fewer people in the same indicate that they will remodel their homes is ____. Thank you!!!!
Before 1918, approximately 60% of the wolves in a region were male, and 40% were female....
Before 1918, approximately 60% of the wolves in a region were male, and 40% were female. However, cattle ranchers in this area have made a determined effort to exterminate wolves. From 1918 to the present, approximately 70% of wolves in the region are male, and 30% are female. Biologists suspect that male wolves are more likely than females to return to an area where the population has been greatly reduced. (Round your answers to three decimal places.) (a) Before 1918,...
Before 1918, approximately 60% of the wolves in a region were male, and 40% were female....
Before 1918, approximately 60% of the wolves in a region were male, and 40% were female. However, cattle ranchers in this area have made a determined effort to exterminate wolves. From 1918 to the present, approximately 65% of wolves in the region are male, and 35% are female. Biologists suspect that male wolves are more likely than females to return to an area where the population has been greatly reduced. (Round your answers to three decimal places.) (a) Before 1918,...
The average sales per customer at a home improvement store during the past year is $75...
The average sales per customer at a home improvement store during the past year is $75 with a standard deviation of $12. The probability that the average sales per customer from a sample of 36 customers, taken at random from this population, will be between $75 and $78 is:
For next year, 55% of veterans will buy a home. If we pick a random sample...
For next year, 55% of veterans will buy a home. If we pick a random sample of 5 veterans, find the probability that less than 2 veterans will buy a home next year?
Last year, 40.9 % of all US auto sales were Japanese models. A random sample of...
Last year, 40.9 % of all US auto sales were Japanese models. A random sample of 379 auto sales this year was obtained to determine if a greater percentage is from Japanese models this year. Among the auto sales, there were 183 that were Japanese models. Test the appropriate hypotheses using a significance level of 0.10. H0:H0: Select an answer p̂ p  ? = > < ≠     Ha:Ha: Select an answer p p̂  ? > < ≠   αα =    decision rule: reject...
In a local university, 40% of the students live in the dormitories. A random sample of...
In a local university, 40% of the students live in the dormitories. A random sample of 80 students is selected for a particular study. What is the sampling distribution of What is the probability that the sample proportion is between 0.30 and 0.55(Hint: first draw the normal curve to identify the area)
Hypergeometric Distribution During a particular period a post office received 40 service orders for problems with...
Hypergeometric Distribution During a particular period a post office received 40 service orders for problems with mail, of which 9 were boxes and 4 were envelopes. A sample of 5 of these service orders is to be selected for inclusion in a customer satisfaction survey. Suppose that the 5 are selected in a completely random fashion, so that any particular subset of size 5 has the same chance of being selected as does any other subset. What then is the...
The Pew Research Center reported that in the U.S. in 2012, 16% of stay-at-home parents were...
The Pew Research Center reported that in the U.S. in 2012, 16% of stay-at-home parents were fathers. https://www.pewsocialtrends.org/2014/06/05/growing-number-of-dads-home-with-the-kids/ Suppose the population proportion of stay-at-home parents that are fathers is .16. Further, suppose that we have a random sample of the population with 900 observations. What is the probability that the sample proportion from this random sample is within ±.01 of the population proportion?
Main Question: There is concern in the community that a particular group of students is getting...
Main Question: There is concern in the community that a particular group of students is getting preferential treatment when it comes to admittance to VCU. A random sample of 14 students who are a part of the particular group in question is examined and it is found that the average SAT score for these students is 1050. Is there a problem with this particular group of students?   Use the results from questions 1 and 2 to justify your answer. This...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT