Hey for b-1 I just need the mean. I also need the mean and standard deviation for C. Thank you ### Parking Analysis Exercise**b-1. Calculate the Mean and Standard Deviation of Parking Duration**- **Task:** Find the mean and the standard deviation of the number of hours parked.- **Instructions:** Do not round the intermediate calculations. Round your final answers to 3 decimal places.| | ||-------|--------|| Mean | || Standard deviation | 2.141 |**b-2. Determine Average Parking Duration**- **Task:** How long is a typical customer parked?- **Instructions:** Do not round the intermediate calculations. Round your final answer to 3 decimal places.| | ||----------------------------------------|--------|| The typical customer is parked for | hours |**c. Calculate the Mean and Standard Deviation of Parking Charges**- **Task:** Find the mean and the standard deviation of the amount charged.- **Instructions:** Do not round the intermediate calculations. Round your final answers to 3 decimal places.---This exercise involves calculating the statistical measures of central tendency and dispersion to analyze parking durations and charges. **Exercise 6-8 (LO6-3)**The Downtown Parking Authority of Tampa, Florida, reported the following information for a sample of 223 customers on the number of hours cars are parked and the amount they are charged.| Number of Hours | Frequency | Amount Charged ||-----------------|-----------|----------------|| 1 | 15 | $4 || 2 | 38 | $5 || 3 | 52 | $9 || 4 | 45 | $13 || 5 | 20 | $14 || 6 | 12 | $16 || 7 | 5 | $18 || 8 | 36 | $20 || **Total** | 223 | |- [Click here for the Excel Data File]**a-1. Convert the information on the number of hours parked to a probability distribution. (Round your answers to 3 decimal places.)**| Hours | Probability ||-------|-------------|| 1 | 0.067 || 2 | 0.171 || 3 | 0.233 || 4 | 0.202 || 5 | 0.090 || 6 | 0.054 |- **Page 3 of 5** - **Previous** - **Next**

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Description: Hey for b-1 I just need the mean. I also need the mean and standard deviation for C. Thank you ### Parking Analysis Exercise**b-1. Calculate the Mean and Standard Deviation of Parking Duration**- **Task:** Find the mean and the standard deviation of

Consider the following table: Number of Hours(xi) Amount Charged(yi) Frequency Probability 1 4…

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Hey for b-1 I just need the mean. I also need the mean and standard deviation for C. Thank you

### Parking Analysis Exercise

**b-1. Calculate the Mean and Standard Deviation of Parking Duration**

- **Task:** Find the mean and the standard deviation of the number of hours parked.
- **Instructions:** Do not round the intermediate calculations. Round your final answers to 3 decimal places.

| | |
|-------|--------|
| Mean | |
| Standard deviation | 2.141 |

**b-2. Determine Average Parking Duration**

- **Task:** How long is a typical customer parked?
- **Instructions:** Do not round the intermediate calculations. Round your final answer to 3 decimal places.

| | |
|----------------------------------------|--------|
| The typical customer is parked for | hours |

**c. Calculate the Mean and Standard Deviation of Parking Charges**

- **Task:** Find the mean and the standard deviation of the amount charged.
- **Instructions:** Do not round the intermediate calculations. Round your final answers to 3 decimal places.

---

This exercise involves calculating the statistical measures of central tendency and dispersion to analyze parking durations and charges.

**Exercise 6-8 (LO6-3)**

The Downtown Parking Authority of Tampa, Florida, reported the following information for a sample of 223 customers on the number of hours cars are parked and the amount they are charged.

| Number of Hours | Frequency | Amount Charged |
|-----------------|-----------|----------------|
| 1 | 15 | $4 |
| 2 | 38 | $5 |
| 3 | 52 | $9 |
| 4 | 45 | $13 |
| 5 | 20 | $14 |
| 6 | 12 | $16 |
| 7 | 5 | $18 |
| 8 | 36 | $20 |
| **Total** | 223 | |

- [Click here for the Excel Data File]

**a-1. Convert the information on the number of hours parked to a probability distribution. (Round your answers to 3 decimal places.)**

| Hours | Probability |
|-------|-------------|
| 1 | 0.067 |
| 2 | 0.171 |
| 3 | 0.233 |
| 4 | 0.202 |
| 5 | 0.090 |
| 6 | 0.054 |

- **Page 3 of 5** - **Previous** - **Next**

Expert Solution

Step 1

Consider the following table:

Number of Hours(x_i)	Amount Charged(y_i)	Frequency	Probability
1	4	15	0.067
2	5	38	0.171
3	9	52	0.233
4	13	45	0.202
5	14	20	0.090
6	16	12	0.054
7	18	5	0.022
8	20	36	0.161
Total		223	1

Step 2

b-1.) The mean number of hours parked is $x = \sum_{i = 1}^{8} x_{i} f_{i} = (1 \times 0.067 + 2 \times 0.171 + 3 \times 0.233 + 4 \times 0.202 + 5 \times 0.09 + 6 \times 0.054 + 7 \times 0.022 + 8 \times 0.161) = (0.067 + 0.342 + 0.699 + 0.808 + 0.45 + 0.324 + 0.154 + 1.288) = 4.132$

The variance is

$V a r = \sum_{i = 1}^{8} {x_{i}}^{2} f_{i} - x^{2} = (1^{2} \times 0.067 + 2^{2} \times 0.171 + 3^{2} \times 0.233 + 4^{2} \times 0.202 + 5^{2} \times 0.09 + 6^{2} \times 0.054 + 7^{2} \times 0.022 + 8^{2} \times 0.161) - 4 . 132^{2} = (0.067 + 0.684 + 2.097 + 3.232 + 2.25 + 1.944 + 1.078 + 10.304) - 4 . 132^{2} = 21.656 - 17.073424 = 4.582576 S d = \sqrt{V a r} = \sqrt{4.582576} = 2.140695214 \approx 2.141$

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