# Question 5: (15 points) A survey by KRC Research for U. News reported that 37% of people plan to spend more on eating out after they retire.

Question 5: (15 points)

A survey by KRC Research for U.S. News reported that 37% of people plan to spend more on eating out after they retire. If eight people are randomly selected, what is the probability that:

1. Exactly five people plan to spend more on eating out after they retire
2. Fewer than four people plan to spend more on eating out after they retire
3. More than two people plan to spend more on eating after they retire

Question 6: (20 points)

The Iverson Investment Company recently gave a public seminar in which its representative discussed a number of issues, including investment risk analysis. In that seminar the company reminded people that the coefficient of variation often can be used as a measure of an investment’s risk. To demonstrate the point, it used two hypothetical stocks as examples.  x is used to represent the change in assets for a \$1000 investment in stock 1 and y is used to represent the change in assets for a \$1000 investment in stock 2. The probability distributions are shown below:

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