Consumer Banker Association released a report showing the lengths of automobile leases for new automobiles. The results are as follows. Lease Length in Months Percent of Leases 13-24 25-36 37-48 49-60 More than 60 10.6% 39.4% 31.0% 18.6% 0.4% (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. (Round your answers to two decimal places.) expected lease term months standard deviation (b) Sketch a graph of the probability distribution for the duration of new auto leases.
Consumer Banker Association released a report showing the lengths of automobile leases for new automobiles. The results are as follows. Lease Length in Months Percent of Leases 13-24 25-36 37-48 49-60 More than 60 10.6% 39.4% 31.0% 18.6% 0.4% (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. (Round your answers to two decimal places.) expected lease term months standard deviation (b) Sketch a graph of the probability distribution for the duration of new auto leases.
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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Consumer Banker Association released a report showing the lengths of automobile leases for new automobiles. The results are as follows.
| Lease Length in Months | Percent of Leases |
| 13-24 25-36 37-48 49-60 More than 60 |
10.6% 39.4% 31.0% 18.6% 0.4% |
(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. (Round your answers to two decimal places.)
(b) Sketch a graph of theprobability distribution for the duration of new auto leases.
| expected lease term | months |
| standard deviation |
(b) Sketch a graph of the
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