SOLUTION: Using the following probability distribution for "Numbers of Cars sold" determine the expected value and standard deviation. Number of cars sold Probability 5

Algebra ->  Probability-and-statistics -> SOLUTION: Using the following probability distribution for "Numbers of Cars sold" determine the expected value and standard deviation. Number of cars sold Probability 5       Log On


   

Question 270412: Using the following probability distribution for "Numbers of Cars sold" determine the expected value and standard deviation.
Number of cars sold Probability
5 .15
8 .3
11 .33
17 .22
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Using the following probability distribution for "Numbers of Cars sold" determine the expected value and standard deviation.
Number of cars sold Probability
5 .15
8 .3
11 .33
17 .22
-------
Multiply each car sale number by its probability.
Then add the products to find the expected value.
E(x) = 10.2
-------
Note: E(x) = u
----------------------
To find the standard deviation:
1st: Form (x-u)^2 for each "car sales
2nd: Add those numbers: 78.6
3rd: Divide by N = sum of all the car sales:78.6/41 = 1.92
4th: The standard deviation is the square root of the result of the 3rd step.
s = 1.386
====================================
Cheers,
Stan H.