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 13.9% 25-36 36.1% 37-48 49-60 26.2% 23.4% More than 60 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. Sof Leases Sof Leases 18.5 30.5 425 545 665 18.5 30.5 42.5 54.5 665 Lanse Lengh in Monts Lase Lengh in Monte Sof Leases 185 30.5 425 545 665 185 305 425 545 665 Lase Lengh in Monte Lanse Lengh in Monte

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 13.9% 25-36 36.1% 37-48 49-60 26.2% 23.4% More than 60 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. Sof Leases Sof Leases 18.5 30.5 425 545 665 18.5 30.5 42.5 54.5 665 Lanse Lengh in Monts Lase Lengh in Monte Sof Leases 185 30.5 425 545 665 185 305 425 545 665 Lase Lengh in Monte Lanse Lengh in Monte

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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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

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
13.9%
25-36
36.1%
37-48
26.2%
49-60
23.4%
More than 60
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.
30
30
25
20
20
sof Leases
of Leases
15
15
10
10
18.5 30.5 42.5 54.5 665
Lense Lengh in Monte
18.5 30.5 425 545 665
Lease Lengh in Monts
25
20
&of Leases
20
&of Leases
15
15
10
10
18.5 30.5 42.5 54.5
665
18.5 30.5 42.5 54.5
665
Lease Lengh in Monts
Laase Lengh in Monts

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