Problem 7: The salaries of the employees of a corporation are normally distributed with a mean of $25,000 and a standard deviation of $5,000. a. What is the probability that a randomly selected employee will have a starting salary of at least $31,000? b. What percentage of employees has salaries of less than $12,200? c. If sixty-eight of the employees have incomes of at least $35,600, how many individuals are employed in the corporation? ———————————————————————————————– Problem 8: The life expectancy of computer terminals is normally distributed with a mean of 4 years and a standard deviation of 10 months. a. a. What is the probability that a randomly selected terminal will last more than 5 years? b. b. What percentage of terminals will last between 5 and 6 years? c. c. What percentage of terminals will last less than 4 years? d. d. What percentage of terminals will last between 2.5 and 4.5 years? ——————————————————————————————- 9. Essays (20%): Complete ANY TWO of the following three essays providing your own opinions and real-world examples outside of the textbook. As a guide, each essay should be at least one-page singled space in length. Keep in mind the quality, opinions and examples are most important. A. Probability is used in many areas in the business world and very much go hand in hand. Take a real scenario of how you would use probability in a business project from online link/story or an example that you come up with. How best do probability and your example work together using a specific example? B. Central Tendencies like the mean, median and mode and the all-important area of measures of variance and standard deviation. These are for example very commonly used in standardized exam score. Provide an example of how one of more of these are used in the real world citing a specific example and along with a pro and con. C. Continuous Random Variables discusses the importance of the Normal Probability Distribution or area under the curve. It tries to determine if it is a two tail or one tail distribution and the skew of the graph. For example, the text discusses the coffee temperature case and meeting requirements of the temperature falling between a low and high degree. Provide another real-world example and briefly discuss your thoughts?
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