QUA 2321 Quantitative Methods 2 Lab 1

 

Lab 1 (Question 1)

 

Question 1 [6 points]

 

The question was:

 

A survey of 303 random people was taken to see what their favorite flower was. The information gathered is in the following table:

 

 

Use this table to answer the questions below. Your answer should be accurate to at least 2 decimal places.

 

a) If you were to randomly pick one of these people surveyed, what is the probability that they liked lilies?

 

b) If you were to randomly pick one of these people surveyed, what is the probability that they liked violets?

 

c) If you were to randomly pick one of these people surveyed, what is the probability that they liked either lilies or roses?

 

 

Question 2 [8 points]

 

The question was:

 

One-year returns of 244 Mutual Funds are grouped below.

For full marks your answer should be accurate to at least four decimal places.

 

 

a) What is the probability that a randomly selected Mutual Funds gave a return of 53 percent to under 70 percent?

 

b) Find the probability that the one year returns on these funds range between a gain of 2% to a gain of 155%.

 

c) What is the probability of selecting a Mutual Funds with a return to under 53 percent?

 

d) Compute the probability of selecting a Mutual Funds with a return of less than 121 percent.

 

 

Question 3 [6 points]

 

The question was:

 

There are coffee drinkers and there are tea drinkers and among them there are those who like both. 
Among the Management students it was found that the probability that the student drinks coffee is 0.63,
the probability that the student drinks tea is 0.50, 
and the probability that the student drinks both is 0.22.

 

Given this information, respond to the following questions. 

For full marks your answer should be accurate to at least two decimal places.

 

a) What is the probability that the student drinks either coffee or tea, but not both?  

 

b) What is the probability that the student drinks coffee or tea?  

 

c) What is the probability that the student drinks only coffee?  

 

 

Question 4 [5 points]

 

The question was:

 

A sample of 683 restaurants were grouped according to the origins of the food they serve and the quality of that food. The data has been summarized in the contingency table below. 

 

 

 

Given this information, respond to the following questions. 
For full marks your answer should be accurate to at least three decimal places.

a) Probability of selecting a Mexican restaurant

 

b) Probability that a selected fair food quality restaurant is a Mexican restaurant

 

c) Probability of a restaurant having fair food quality

 

 

Question 5 [5 points]

 

The question was:

 

A sample of 909 vehicles were grouped according to their type and colour. 
The data has been summarized in the contingency table below. 

 

 

 

Given this information, respond to the following questions. 

For full marks your answer should be accurate to at least three decimal places.

a) Probability of selecting a SUV

 

b) Probability of a vehicle being metallic

 

c) Probability of a choosing a SUV that is white/black

 

 

Question 6 [5 points]

 

The question was:

 

The Visa center of a bank in Toronto has found that 64 percent of cardholders pay their new monthly balance in full before the payment due date. Suppose the credit center selects five cardholders at random.
Use this information to answer the following questions.

 

a) Probability of all cardholders paying

 

b) Probability of at least three cardholders paying

 

a) Probability of all cardholders paying 

 

b) Probability of at least three cardholders paying