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Solved: A mutual fund company offers its customers a

Probability and Statistics for Engineers and the Scientists | 9th Edition | ISBN: 9780321629111 | Authors: Ronald E. Walpole; Raymond H. Myers; Sharon L. Myers; Keying E. Ye ISBN: 9780321629111 32

Solution for problem 11E Chapter 2

Probability and Statistics for Engineers and the Scientists | 9th Edition

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Probability and Statistics for Engineers and the Scientists | 9th Edition | ISBN: 9780321629111 | Authors: Ronald E. Walpole; Raymond H. Myers; Sharon L. Myers; Keying E. Ye

Probability and Statistics for Engineers and the Scientists | 9th Edition

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Problem 11E

A mutual fund company offers its customers a variety of funds: a money-market fund, three different bond funds (short, intermediate, and long-term), two stock funds (moderate and high-risk), and a balanced fund. Among customers who own shares in just one fund, the percentages of customers in the different funds are as follows: A customer who owns shares in just one fund is randomly selected. a?. ?What is the probability that the selected individual owns shares in the balanced fund? b?. ?What is the probability that the individual owns shares in a bond fund? c?. ?What is the probability that the selected individual does not own shares in a stock fund?

Step-by-Step Solution:

Answer: Step 1 of 2 Given, A mutual fund company offers its customers a variety of funds: a money-market fund, three different bond funds (short, intermediate, and long-term), two stock funds (moderate and high-risk), and a balanced fund. Among customers who own shares in just one fund, the percentages of customers in the different funds are as follows: Money-market 20% Short bond 15% Intermediate bond 10% Long bond 5% High-risk stock 18% Moderate risk stock 25% Balanced 7% A customer who owns shares in just one fund is randomly selected. a. The probability that the selected individual owns 7% shares in the balanced fund. b. The probability that the individual owns shares in a bond fund is Short bond + Intermediate bond + Long bond = 15% + 10% + 5% = 30%. Therefore, the probability that the individual owns 30% shares in a bond fund.

Step 2 of 2

Chapter 2, Problem 11E is Solved
Textbook: Probability and Statistics for Engineers and the Scientists
Edition: 9
Author: Ronald E. Walpole; Raymond H. Myers; Sharon L. Myers; Keying E. Ye
ISBN: 9780321629111

Probability and Statistics for Engineers and the Scientists was written by and is associated to the ISBN: 9780321629111. This textbook survival guide was created for the textbook: Probability and Statistics for Engineers and the Scientists, edition: 9. The answer to “A mutual fund company offers its customers a variety of funds: a money-market fund, three different bond funds (short, intermediate, and long-term), two stock funds (moderate and high-risk), and a balanced fund. Among customers who own shares in just one fund, the percentages of customers in the different funds are as follows: A customer who owns shares in just one fund is randomly selected. a?. ?What is the probability that the selected individual owns shares in the balanced fund? b?. ?What is the probability that the individual owns shares in a bond fund? c?. ?What is the probability that the selected individual does not own shares in a stock fund?” is broken down into a number of easy to follow steps, and 110 words. Since the solution to 11E from 2 chapter was answered, more than 926 students have viewed the full step-by-step answer. This full solution covers the following key subjects: fund, shares, funds, selected, owns. This expansive textbook survival guide covers 18 chapters, and 1582 solutions. The full step-by-step solution to problem: 11E from chapter: 2 was answered by , our top Statistics solution expert on 05/06/17, 06:21PM.

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