Lab: Applications of Discrete Probability & Range Rule of Thumb With Binomial Probability Formula - Science & Maths Assignment Help

Assignment Task

Applications of Discrete Probability

1)Based on a Comcast survey, there is a 0.79 probability that a randomly selected adult will watch prime-time TV live, instead of online or on DVR. Sixteen adults are randomly selected. 

a) Find the probability that fewer than eight of the selected adults watch prime-time live. 

b) Find the mean number of adults who watch prime-time live in samples of 16 adults. Do not round. 

c) Find the standard deviation of adults who watch prime-time live in samples of 16 adults. Round to two decimal positions. 

d) Would it be unusual (statistically significant) for all of the 16 randomly selected adults to be watching prime-time TV live? Use the Rare Event Rule OR Range Rule of Thumb -- your choice! 

2)A tennis player has a successful first serve 63% of the time. If she serves 9 times, find the probability she has exactly 4 successful first serves. Show work, using binomial probability formula. 

3)The Acme Candy Company claims that 60% of the jawbreakers it produces weigh more than 0.4 ounces. Suppose that 800 jawbreakers are selected at random from the production lines. Use the Range Rule of Thumb to determine whether it is statistically significant for this sample of 800 to contain 494 jawbreakers that weigh more than 0.4 ounces? Consider as significant any result that differs from the mean by more than 2 standard deviations. Show all work (using Range Rule of Thumb) required to obtain your answer. Clearly state all important values involved. 

4)a) Expected Value: A 28-year-old man pays $246 for a one-year life insurance policy with coverage of $70,000. If the probability that he will live through the year is 0.9992, what is the expected value, from the insurance company's point of view, for this type of policy? (8 points) 

b) Explain in words what "expected value" means in the context of this question.

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