Question

The owner of a pawn shop knows that 85 percent of the customers who enter her...

The owner of a pawn shop knows that 85 percent of the customers who enter her store will sell an item rather than pawning it. If there are 20 customers in the shop, what is the probability that at most 5 of the customers will pawn an item?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

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
Big Dom’s Pawn Shop charges an interest rate of 27 percent per month on loans to...
Big Dom’s Pawn Shop charges an interest rate of 27 percent per month on loans to its customers. Like all lenders, Big Dom must report an APR to consumers. a. What rate should the shop report? b. What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Thirty percent (30%) of all customers who enter a store will make a purchase. Suppose that...
Thirty percent (30%) of all customers who enter a store will make a purchase. Suppose that 6 customers enter the store and that these customers make independent purchase decisions. Let x be the number of the 6 customers who will make a purchase.   Use the binomial formula to calculate The probability that exactly 2 customers make a purchase. The probability that 2 or fewer customers make a purchase. The probability that at least 1 customer makes a purchase
There are 9 televisions in an appliance store. The owner knows that 3 of those televisions...
There are 9 televisions in an appliance store. The owner knows that 3 of those televisions are defective, but does not know which ones they are. On a business day, 5 customers each bought a television. a) What is the probability that two of those five customers return to the store to request a warranty because the television they purchased is defective? b) Suppose there were not 5 customers who arrived, but 7, what is the probability that two of...
Problem 2-11 The owner of an automobile repair shop studied the waiting times for customers who...
Problem 2-11 The owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a one-month period. 10 11 5 20 6 5 3 20 10 11 9 15 5 18 6 9 2 22 22 7 (a) Develop a frequency distribution using classes of 0-4, 5-9, 10-14, 15-19, and 20-24. Class Frequency   0-4   5-9   10-14   15-19   20-24     Total...
At the entrance of Walmart, there is a greeter named Mary who says “Have a nice...
At the entrance of Walmart, there is a greeter named Mary who says “Have a nice day” to the customers as they leave the store after shopping. The probability that a customer responds to Mary is 70%. c) Mary just started her work shift at Walmart. She has said “have a nice day” to 3 people and received no response. What is the probability that it will take more than 5 people total for Mary to get her first response?...
The owner of a specialty coffee shop wants to study coffee purchasing habits of customers at...
The owner of a specialty coffee shop wants to study coffee purchasing habits of customers at her shop. She selects a random sample of 60 customers during a certain week. Customer Y 1 0 Note: Y is an indicator variable, i.e., if Y=1, then customer said they "definitely would" recommend specialty shop to family and friends, and Y=0 otherwise. 2 1 3 0 4 0 5 0 6 0 7 0 8 1 9 1 10 1 11 0 12...
The owner believes that more than 50% of all customers who visit the store buy books....
The owner believes that more than 50% of all customers who visit the store buy books. Since they don’t keep track of this formally, she does so on a particular day and observes that 34 of the 60 customers who visited also purchased a book. In your own words, please state why we can’t say for sure that she is correct even though observing more than 50% of customers buying books on the day she tracked it matches with her...
Amanda, a local supermarket owner, has decided to use a more analytical approach to improve her...
Amanda, a local supermarket owner, has decided to use a more analytical approach to improve her store's customer service. Her goal is to maintain the ratio of people working in the store over the number of customers around 1.5. What this means is, for example, for every two customers at any point in time there would be three people working at the store. In order for her to achieve this ratio, she wants to re-evaluate her knowledge about the number...
The owner of a small bookstore is planning her staffing, so she wants to know how...
The owner of a small bookstore is planning her staffing, so she wants to know how many customers to expect per hour. What is the best distribution to represent the number of customers arriving per hour? If the average time between customers arriving at the store is 10 minutes, what is the probability of more than three customers arriving in a particular hour?
Sarah is the owner of Sarah’s Pub, and her best business is on Friday and Saturday...
Sarah is the owner of Sarah’s Pub, and her best business is on Friday and Saturday nights when customers buy plenty of alcoholic beverages (alcohol). After studying a large sample of receipts from Friday and Saturday nights, Sarah knows the following. 73% of her orders on these nights involve at least one alcohol sale. 23% of her customers order only alcohol, 28% have dinner plates, and the rest have sandwiches.   Of those who order dinner plates, 60% order alcohol; and...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT