In a Recent Survey, 83% of the Community Favored Building

question 96

Essay

In a recent survey, 83% of the community favored building a police substation in their neighborhood. You
randomly select 16 citizens and ask each if he or she thinks the community needs a police substation.
Decide whether you can use the normal distribution to approximate the binomial distribution. If so, find the
mean and standard deviation. If not, explain why.

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Definitions:

Original Useful Life

Original Useful Life refers to the expected duration, typically measured in years, during which an asset is considered usable for its intended purpose.

Remaining Book Value

The net amount of an asset or liability recorded on the balance sheet, reflecting original cost adjusted for depreciation, amortization, and impairments.

Salvage Value

The estimated residual value of an asset at the end of its useful life.

Useful Life

The estimated time period that an asset is expected to be used before it is fully depreciated or deemed no longer useful.