The manufacturer of bags of cement claims that they fill each bag with at least 50.2 pounds of cement. Assume that the standard deviation for the amount in each bag is 1.2 pounds
The decision rule is adopted to shut down the filling machine if the sample mean weight for a sample of 40 bags is below 49.8. Suppose that the true mean weight of bags is 50 pounds. Using this decision rule, what is the probability of a Type II error?A) 0.85
B) 0.70
C) 0.80
D) 0.75
A
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A painter did some work on a owners's house and was not paid. The owner also owned several other properties in the same neighborhood. The painter would most likely file a mechanic's lien against:
A. All the owner's real property. B. All the owner's personal property. C. The owner's property worked on by the painter. D. Both the owner's real and personal property.
The present value of $1,000,000 received in 13 years, given an interest rate of 3%, is
A) $681,000. B) $661,000. C) $1,469,000. D) $10,635,000.