Answered: 2.85 (b) Find the probability…

2.85 (b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56% per year

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Question

The interest rates paid by 30 financial institutions on a certain day for money market deposit accounts are shown in the accompanying table.

Rate %	2	2.25	2.55	2.56	2.58	2.60	2.65	2.85
Institutions	1	8	8	2	2	7	1	1

Let the random variable X denote the interest rate per year paid by a randomly chosen financial institution on its money market deposit accounts.

(a) Find the probability distribution associated with these data. (Round your answers to three decimal places.)

Rate %		P(X = x)
2
2.25
2.55
2.56
2.58
2.60
2.65
2.85

(b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56% per year. (Round your answer to three decimal places.)

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