Discuss the below:
Q1: In a certain binomial distribution, π= 0.20 and n = 30. In using the normal approximation
a. What are the mean and standard deviation of the corresponding normal distribution?
b. If x = the number of "success" among the 30 observation, determine the following: P(x = 5), P(4 ≤ x ≤7), P(1 ≤ x ≤ 5), P(x ≥7).
Q2: A study by the National Golf Foundation reports that the 6.2 million golfers over the age of 50 spent an average of $939 on golf during the previous year. Assuming a normal distribution with a standard deviation of $200m what is the probability that a randomly selected golfer in this age group will have spent:
a. more than $1539?
b. between $939 and $1339?
c. less than $1139?
d. between $539 and $1139?