Description
This should Solved in Microsoft Excel
Binomial distribution,Normal Distribution Topics
1. Natway, a national distribution company of home vacuum cleaners, recommends that its salespersons make only two calls per day, one in the morning and one in the afternoon. Twenty-five percent of the time a sales call will result in a sale, and the profit from each sale is $125. Develop the probability distribution for sales during a five-day week.
What is the mean and variance of this distribution?
What is the expected weekly profit for a salesperson?
2. Sales for Fast Kat, a 16-foot catamaran sailboat, have averaged 250 boats per month over the last five years, with a standard deviation of 25 boats. Assuming that the demand is about the same as past years and follows a normal curve. What is the probability sales will be less than 280 boats? What is the probability that sales will be more than 265 boats during the next month? What is the probability that sales will be less than 250 boats next month?
Explanation & Answer
Here is the solved Excel sheet named : Binomial_Normal_Dist as attachment.
Q1 data Inputs
number ofcalls ( n = 2 X 5 )
probability of a success ( p = 25%)
specific number of successes
Profit from each s...
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