1. The following is a probability distribution for the number of credit cards a person has. Number of Credit Cards 0 1 2 3 4 5 0.2 0.3 0.2 0.1 | 0.1 | 0.0 5 0 Probability: 5 a) Calculate the expected value or average number of credit cards a person has. Show Work!

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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1. The following is a probability distribution for the number of credit cards a person has.
Number of Credit Cards 0 1
2
3
4
5
0.2 0.3
0.2
0.1
0.1
0.0
Probability:
5
a) Calculate the expected value or average number of credit cards a person has. Show Work!
b) Interpret what that expected value mean in context to this scenario.
Transcribed Image Text:1. The following is a probability distribution for the number of credit cards a person has. Number of Credit Cards 0 1 2 3 4 5 0.2 0.3 0.2 0.1 0.1 0.0 Probability: 5 a) Calculate the expected value or average number of credit cards a person has. Show Work! b) Interpret what that expected value mean in context to this scenario.
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