American University Binomial Probabilities & Standard Deviation Discussion

Question Description

Start by reviewing the following Handy Helper, which is also provided in this week’s Lesson: Week 3 Binomial probabilities.pdf. This will give you a step by step example on how to calculation binomial probabilities using Excel.

Next, use the data from attached excel and find the mean price. Using the mean price for your dataset, find the proportion of observations that fall below the mean. (NOTE: the proportion of observations below the mean is = the number of observations that fall below the mean / 10). Define p, or the probability of “success” to be the proportion of observations below the mean. Solve the following:

If you were to find another random sample of 10 car prices, what is the probability that exactly 2 car prices will fall below your mean? Interpret your results.
If you were to find another random sample of 10 car prices, what is the probability that fewer than 3 car prices will fall below your mean? Interpret your results.
If you were to find another random sample of 10 car prices, what is the probability that more than 4 car prices will fall below your mean? Interpret your results.
If you were to find another random sample of 10 car prices, what is the probability that at least 1 car price will fall below your mean? Interpret your results.
If you were to find another random sample of 10 car prices, what is the probability that at most 5 car prices will fall below your mean? Interpret your results.

150 words minimum. Attach your Excel file with the formulas that you used to solve the questions above.

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