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9. Probability Distribution: Auto Leases Consumer Banker Association released a report showing the lengths of automobile leases for new automo- biles. The results are as follows: Lease Length in Months 13-24 25-36 37-48 49-60 More than 60 Percent of Leases 12.7% 37.1% 28.5% 21.5% 0.2% (a) Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. Also find the standard deviation of the distribution. (b) Sketch a graph of the probability distribution for the duration of new auto leases.

9. Probability Distribution: Auto Leases Consumer Banker Association released a report showing the lengths of automobile leases for new automo- biles. The results are as follows: Lease Length in Months 13-24 25-36 37-48 49-60 More than 60 Percent of Leases 12.7% 37.1% 28.5% 21.5% 0.2% (a) Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. Also find the standard deviation of the distribution. (b) Sketch a graph of the probability distribution for the duration of new auto leases.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Please answer number 9. All steps!! Make sure to show work!! Thank you 

9. Probability Distribution: Auto Leases Consumer Banker Association released a report showing the lengths of automobile leases for new automo- biles. The results are as follows: Lease Length in Months 13-24 25-36 37-48 49-60 More than 60 Percent of Leases 12.7% 37.1% 28.5% 21.5% 0.2% (a) Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. Also find the standard deviation of the distribution. (b) Sketch a graph of the probability distribution for the duration of new auto leases.
Transcribed Image Text:9. Probability Distribution: Auto Leases Consumer Banker Association released a report showing the lengths of automobile leases for new automo- biles. The results are as follows: Lease Length in Months 13-24 25-36 37-48 49-60 More than 60 Percent of Leases 12.7% 37.1% 28.5% 21.5% 0.2% (a) Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. Also find the standard deviation of the distribution. (b) Sketch a graph of the probability distribution for the duration of new auto leases.
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