3. 800 points O wau did not Exercise 5-17 Static is considering making up to thr

Question

3. 800 points O wau did not Exercise 5-17 Static is considering making up to three new hires. Given its specific needs, the management feols that fhereis a 60% chance of hiring at least two canidates There is only a 5% chance that wil not make any hires and a 10% chance that it vil make all tree lies a. What is the probability that the firm will make at least one hire? (Round your answer to 2 Probability b. Find the expected value and the standars desiaian of the number ef hikes (Round your final answers to 2 decimal places.) Expected value Standard deviation References worksheet Search the web and Windows enovO

Explanation / Answer

a) We need to calculate

P ( X>=1) = P( X=1)+P(X=2)+P(X=3)

we have given

P( X=2)+P(X=3) = 0.60'

P(X=2)+0.10 = 0.60

P( X= 2) = 0.50

P(X=1) = 1-0.50-0.10-0.05 = 0.35

P ( X>=1) = 0.35+0.60 = 0.95

b) Expected value = 0*0.05+1*0.35+2*0.50+3*0.10 = 1.65

Variance = 1*0.35+4*0.50+9*0.10-1.65*1.65 = 0.5275

Standard deviation = SQRT(0.5275)

= 0.73

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