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A bank vice president feels that each savings account customer h The following distribution represents the number of credit cards Find the mean of the distribution. Is the vice president corr What is the standard deviation of this distribution? a. b. Number of cards X Probability P(X) 0 1 2 0.18 0.44 0.27 3 4 0.08 0.03

A bank vice president feels that each savings account customer h The following distribution represents the number of credit cards Find the mean of the distribution. Is the vice president corr What is the standard deviation of this distribution? a. b. Number of cards X Probability P(X) 0 1 2 0.18 0.44 0.27 3 4 0.08 0.03

A First Course in Probability (10th Edition)
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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### Educational Content: Probability Distribution of Credit Cards Owned #### Context A bank vice president posits that each savings account customer possesses, on average, three credit cards. The table below represents the probability distribution of the number of credit cards people own. #### Probability Distribution Table | Number of Cards (X) | Probability P(X) | |---------------------|------------------| | 0 | 0.18 | | 1 | 0.44 | | 2 | 0.27 | | 3 | 0.08 | | 4 | 0.03 | #### Questions **a. Find the mean of the distribution. Is the vice president correct?** **b. What is the standard deviation of this distribution?** --- To solve these questions, you need to calculate the expected value (mean) and standard deviation of the given discrete probability distribution. This will involve using the formulas for the mean and standard deviation of a probability distribution.
Transcribed Image Text:### Educational Content: Probability Distribution of Credit Cards Owned #### Context A bank vice president posits that each savings account customer possesses, on average, three credit cards. The table below represents the probability distribution of the number of credit cards people own. #### Probability Distribution Table | Number of Cards (X) | Probability P(X) | |---------------------|------------------| | 0 | 0.18 | | 1 | 0.44 | | 2 | 0.27 | | 3 | 0.08 | | 4 | 0.03 | #### Questions **a. Find the mean of the distribution. Is the vice president correct?** **b. What is the standard deviation of this distribution?** --- To solve these questions, you need to calculate the expected value (mean) and standard deviation of the given discrete probability distribution. This will involve using the formulas for the mean and standard deviation of a probability distribution.
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