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 13.0% 35.8% 25.3% 25.5% 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. 35 30 30 25 25 20 % of Leases 20 of Leases 15 15 10 10 15 5 18.5 30.5 42.5 54.5 66.5 Lease Lengh in Months 18.5 30.5 42.5 54.5 66.5 Lease Lengh in Months

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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
13.0%
25-36
35.8%
37-48
25.3%
49-60
25.5%
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.
35
35
30
30
25
25
20
20
% of Leases
% of Leases
15
15
10
10
18.5
30.5
42.5
54.5
66.5
18.5
30.5
42.5
54.5
66.5
Lease Lengh in Months
Lease Length in Months
US O 9 A 2:41
MO
Transcribed Image Text:PS Programs 6 - Online Locker: Virtu. E Untitled document -. G kji - Google Search Spanish 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 13.0% 25-36 35.8% 37-48 25.3% 49-60 25.5% 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. 35 35 30 30 25 25 20 20 % of Leases % of Leases 15 15 10 10 18.5 30.5 42.5 54.5 66.5 18.5 30.5 42.5 54.5 66.5 Lease Lengh in Months Lease Length in Months US O 9 A 2:41 MO
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