FINA 4125 Calculus

UNIVERSIDAD DE PUERTO RICO Escuela Graduada de Administración de Empresas
RECINTO DE RÍO PIEDRAS Programa de Maestría en Administración de Empresas

MECU 6551 Prof T. Longobardi
28 DE JUNIO 2021 Page 1 of 13
Due: Monday, June 28, 2021 at 11:59 p.m. Name _______________
INSTRUCTIONS: You must complete ALL THREE SECTIONS of this exam. SHOW
ALL YOUR WORK. Print these pages and write in the space provided OR prepare
your responses on separate, blank, pages, for full marks. If you do not show your work, you
will not receive full marks even though you have the correct answer. In accepting to write
this exam, you can use all resources at your disposal except the help of another human being.
TOTAL: 60 marks
SECTION A – MULTIPLE CHOICE VALUE: 16 ´ 1.5 = 24 marks

INSTRUCTIONS: Circle the letter corresponding to the best answer.
Question 1
Question 2
Question 3
Question 4
Question 5
Question 6
Question 7
Question 8
Question 9
Question 10
Question 11
Question 12
Question 13
Question 14
Question 15
Question 16
SECTION B – SHORT ANSWER OPTION VALUE: 5 × 6 = 30 marks

INSTRUCTIONS: Answer only 5 of the following 7 questions. Indicate the question
number and circle your final answer. Each question is of equal value. Show all your work.
☐ Question 1
A sample of students is selected. The distance X (in km) between a student’s place of
residence and the time Y (in minutes) it takes to get to the university are recorded. The least
squares regression line is calculated to be ŷ = 2.3+1.7x. It is reported that 75% of the
variation in time can be accounted for by its regression on distance.
(a) What is the value of the correlation between distance and time.
(b) One student lives 5 kilometers from the university and takes 8 minutes to get there. What
is the value of the residual of this student?
(c) If we had instead measured distance in miles (1 mile = 1.61 km), which of the following
values would change: slope, intercept or correlation?
☐ Question 2
Three hats each contain ten coins. Hat 1 contains two gold coins, five silver coins and three
copper coins. Hat 2 contains four gold coins and six silver coins. Hat 3 contains three gold
coins and seven copper coins. We randomly select one coin from each hat.
(a) The outcome of interest is the color of each of the three selected coins. List the complete
sample space of outcomes and calculate the probability of each.
(b) Let X be the number of gold coins selected. Find the probability distribution of X.
☐ Question 3
A simple random of 2000 adults is selected from a population of 1,000,000 adults. The
selected individuals were asked: "Do you know how to swim?” Suppose that, in fact, 10%
of the adults in the population swim.
(a) Find the mean and standard deviation of the proportion, pˆ , of the sample who can swim.
(b) What sample size would be required to reduce the standard deviation to one-tenth of the
value you found in (a)?
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(c) Use the normal approximation to find the probability that less than 10% of the sample
swim.
☐ Question 4
In a random sample of 320 business school students, 75 sample members indicated some
measure of agreement with this statement: “Scores on a standardized entrance exam are less
important for student’s chance to succeed academically than is the student’s high school
GPA.” State and test the null hypothesis that one-half of all business school graduates would
agree with this statement against a two-sided alternative using EITHER METHOD 1 (5 steps
of HAAPC) or METHOD 2 (creating a confidence interval around the sample mean)
indicated below but NOT BOTH (show your work).
☐ Question 5
An apple grower selects a random sample of 30 apples from this year’s crop. The mean and
standard deviation of weights of these apples are calculated to be 156 grams and 14 grams,
respectively. Weights of apples are known to follow a normal distribution.
The apple grower suspects that the true mean weight of apples from this year’s crop differs
from that of last year’s crop, when the true mean weight was 150 grams. Conduct an
appropriate hypothesis test at the 5% level of significance to investigate the grower’s
suspicion. Show all of your steps.
☐ Question 6
Grade 3 students in a large school division are given a spelling test at the beginning of the
year. They are given another spelling test (of equal difficulty) at the end of the year. A
sample of 30 students is selected and a hypothesis test is to be conducted to determine
whether there is significant evidence at a=0.05 that the spelling ability has improved. The
mean difference in the scores in the sample was 2.40 and the sample standard deviation of
differences was 8.00.
State the null and alternative hypotheses of the matched pairs t-test, compute the P-value,
and then provide a carefully worded conclusion. Show all your work.
☐ Question 7
Researchers are studying the impact of alcohol consumption on a person’s ability to perform a
simple task. Five subjects complete a small puzzle while sober, and then again after drinking
three glasses of wine. The times (in seconds) are shown below, as well as some summary
statistics:
Subject 1 2 3 4 5 mean std. dev.

Sober (S) 109 132 248 155 202 169.2 55.9
After Wine 141 128 290 174 260 198.6 72.5
(AW)
Diff -32 4 -42 -19 -58 -29.4 23.5
D = S – AW
Assume that all appropriate normality conditions are satisfied. We would like to conduct a
hypothesis test to determine whether there is evidence that the true mean time to complete a
puzzle is longer after consuming three glasses of wine.
SECTION C – SHORT ANSWER REQUIRED VALUE: 6 marks
INSTRUCTIONS: You MUST answer the following question. Show all your work.
Suppose that the weight of checked luggage for an airline is a random variable X that is
normally distributed with an average of 40 pounds and a standard deviation of 10 pounds.
Suppose that the weight of carry-on luggage is a random variable Y that is normally distributed
with a mean of 9 pounds and a standard deviation of 3 pounds. The correlation between the
weight of checked and carry-on luggage is -0.25.
The airline permits service of 100 passengers and limits the total weight of luggage, checked
and carry on, to 5,000 pounds.
Use the following steps to determine the approximate probability that the total weight limit is
exceeded?
a) Express the new variable W, the total weight of luggage, as a sum of X, and Y.
b) Calculate the value of the mean and the variance (and standard deviation) of the new
random variable W.
c) What is the approximate probability that the total weight limit is exceeded?

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FINA 4125 Calculus

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UNIVERSIDAD DE PUERTO RICO Escuela Graduada de Administración de Empresas

RECINTO DE RÍO PIEDRAS Programa de Maestría en Administración de Empresas

SECTION A – MULTIPLE CHOICE VALUE: 16 ´ 1.5 = 24 marks

SECTION B – SHORT ANSWER OPTION VALUE: 5 × 6 = 30 marks

Subject 1 2 3 4 5 mean std. dev.

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