Overview
1. The average amount of time to board a fully loaded passenger plane is 26.4 minutes with a standard deviation of 4.1 minutes. If the time to board a fully loaded plane is normally distributed, answer the following questions. Use the empirical rule to answer the following questions (No rounding, full answer – either answer acceptable .2236 or 22.36%):
1A. What is the probability (proportion) it will take at most 22.3 minutes to board a fully loaded passenger plane?
1B. What is the probability (proportion) it will take more than 34.6 minutes to board a fully loaded passenger plane?
1C. What is the probability (proportion) it will take between 18.2 minutes and 30.5 minutes to board a fully loaded passenger plane? © Chris O’Byrne 2023
2. Compute the geometric mean (return) and the final balance after 5 years on a $1,500 investment using the following information:
|
Year |
Return |
|
1 |
30% |
|
2 |
5% |
|
3 |
-20% |
|
4 |
10% |
|
5 |
15% |
2A. What is the average rate of return for this investment over the 5 years (convert to % and round to 3 decimal places – example 12.063%) (geometric mean)?
2B. If you invested $1,500 at the beginning, how much would your investment be worth after 5 years (round to the nearest penny (example – $1,607.45)?
When doing and showing your work for the PDF – it should be handwritten as if you are figuring out the problem on the exam – it doesn’t need to be typed up – and I prefer that you DON’T type it out and that you hand write it.
When you answer the question put the 5 answers in this order and label like this:
1A.
1B.
1C.
2A.
2B.