Below are 15 problems that will serve as your assignment. Remember that formal assignments need to include conclusions for each problem in order to be award full grades.
1. A law firm has decided to choose from 10 Harvard graduates of which 6 are female and 4 are male; 12 Yale graduates of which 5 are female and 7 are male; and 15 Princeton graduates of which 8 are female and 7 are male.
A) What is the probability that the firm randomly chooses a female?
B) What is the probability that the firm randomly selects a Princeton or a Harvard graduate?
C) What is the random probability of not selecting a female?
D) What is the probability that the firm randomly selects a male or a Yale graduate?
2. The probability of a small company securing a loan with a local bank is 65%. If we took 36 small company loan applicants from this banks records:
A) What is the proability that exactly 24 secure a loan?
B) What is the probability that less than 20 secure a loan?
C) What is the probability that no more that 25 secure a loan?
D) What is the probability that at least 23 secure a loan?
E) What is the probability that between 23 and 25 secure a loan?
3. If a password consisted of three lower case letters what is the probability of randomly guessing this password?
4. What is the probability of guessing correctly on 5 questions in a true or false test?
5. A study of one thousand investors revealed that 725 saw increases in their portfolio values .
A) What is the probability of randomly selecting an investor who did not see an increase in their portfolio value?
B) What is the probability of selecting 2 investors who both saw increases in their portfolio value?
6. A store owner is concerned about going out of town and leaving his three assitants in charge of the store. The employees work independently and their absenteeism rate is 3%. If need be, the store can operate with only one employee. What is the probability that the store has no one to open it while the owner is away for the day?
7. What is the probability of guessing an individuals birthday if we disgard leap years?
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