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Please review the attachment and provide assistance with the questions listed. Thank you,For problem 2-75 regarding the question "Find the probability that a randomly selected store is not closing given that it I a Somerfield. I reviewed the worked out solution and his wanted to clarify that the probability is Zero? For problem 2-80 and the question that asks "What is the probability that all four people I part (b) will reach this goal? Your worked out solutions reads as follows: P(r=4)=0.01048576 But if P=0.32 then that would mean .32(4) which would be 1.28. So I'm not understanding how the calculations work out to =0.01048576? Can you please advise.,These questions pertain to the answers you already provided. I am not asking for you to review something new, I am simply asking for your to provide clarification on the answers you originally provided. I have listed those below "For problem 2-75 regarding the question "Find the probability that a randomly selected store is not closing given that it is a Somerfield. I reviewed the worked out solution and his wanted to clarify that the probability is Zero? For problem 2-80 and the question that asks "What is the probability that all four people in part (b) will reach this goal? Your worked out solutions reads as follows: P(r=4)=0.01048576 But if P=0.32 then that would mean .32(4) which would be 1.28. So I'm not understanding how the calculations work out to =0.01048576? Can you please advise.",This area that I am using to reply specifically states: "Need more help? You can reply with follow up questions for up to a week!" So that is what I am doing, asking follow up questions. Here is what answer you provided: 2-75 At the same time as new hires were taking place, many retailers were cutting back. Out of 1,000 Kwik Save stores in Britain, 107 were to be closed. Out of 424 Somerfield stores, 424 were to be closed. Given that a store is closing what is the probability that it is a Kwik Save? P( KW and close) = 107/1000 P( KW) = 1000/1424 P ( close) = ( 107+424)/1424= 631/1424 P( KW/close)= (107/1000) / ( 631/1424)=.2414 What is the probability that a randomly chosen store is either closing or Kwik Save? P(close) = (107+424)/1424 P ( KW) = 1000/1424 P( KW or close) = P( close ) +P( KW) - P( KW and close) = .9681403 Find the probability that a randomly selected store is not closing given that it is a Somerfield. P( not closed/ SF) = P( not closed and SF) / P( SF) = 0 So I just need to know if this means that there is a ZERO perxcent probability thaqt a randomly selected store is not closing given that it is a Sommerfield? This is the other answer you provided that I'm requesting clarification for: 2-80. A recent article in Money claims that the probability that you will ?hit? $1 million in today?s purchasing power in 20 years if you now have $250,000 and invest $5,000 annually 60% in stocks and 40% in bonds ? is 32%. a. State all assumptions that must be made here? Are they reasonable in your view? Since this is a binomial distribution we need to assume that ? No changes in the conditions that contribute to the returns in investment?there must be no effects of changing economic scenario on the values of .32 ? The division between stocks and bonds is maintained ? 5000 is invested every year b. If four people are randomly selected from the population that has the same initial nest egg of $250,000 and who invest $5,000 annually in the mix of stocks and bond used in the Money study, what is the probability that at least one of them will reach the goal of $1 million? This is a binomial distribution with n= 4 p= .32 r = 1 P( r?1) = 1-P( r= 0) = 1- 0.21381376= .7861863 c. What is the probability that all four people in part (b) will reach this goal? P ( r= 4) = 0.01048576 I am asking for clarification for b and c. I do not understand the calculation for how your arrived at the answers.,For 2-80 If four people are randomly selected from the population that has the sme initial nest egg of $250,000 and who invest $5,000 annually in the mix of stocks and bond used in the Money study, what is the probability that at least one of them will reach the goal of $1 million? I used the binomial distribution command function on excel but came up with a different answer. I plugged in the following formula =BINOM.DIST(1,4,0.32 FALSE) and it equals 0.40247296 Your solution provided an answer of .7861863 Can you please clarify how you arrived at your answer? Did you use the same function in excel or the binomial distribution table? I couldn't find a table that had .32, they were all in increments of 5. So I found .30 or .35, that's why I defaulted to using the excel formulat.,At the same time as new hires were taking place, many retailers were cutting back. Out of 1,000 Kwik Save stores in Britain, 107 were to be closed. Out of 424 Somerfield stores, 424 were to be closed. Given that a store is closing what is the probability that it is a Kwik Save? P(KW & close) = 107/1000 P(KW)=1000/1424 P(close)=(107 + 424)/1424 = 631/1424 ??I don't understand this line because (107 + 424)/1424 does not = 631/1424,Ok thank you.

 

Paper#13282 | Written in 18-Jul-2015

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