2· The Winston Public Relations Company finds that an average of 30% of all new

Question

2· The Winston Public Relations Company finds that an average of 30% of all new employees resign during the first year. Find the probability that among the next 20 employees hired, exactly 5 resign during the first year 0 1 0.15 1 1 0.20 2 | 0.45 3 1 0.16 4 | 0.04 Find the mean and standard deviation for the accompanying probability distribution for the number of aircraft operations per minute at an airport. mean_ standard deviation A contractor has a 0.70 probability of making $90,000, a 0.20 probability of losing $10,000, and a 0.10 probability of breaking even. What is the expected value? 4.

Explanation / Answer

3. Mean = x P(x)

= 0 * 0.15 + 1 * 0.20 + 2 * 0.45 + 3 * 0.16 + 4 * 0.04

= 1.74

Variance = x2 P(x) - (x P(x))2

= 0 * 0.15 + 1 * 0.20 + 4 * 0.45 + 9 * 0.16 + 16 * 0.04 - 1.74 * 1.74

= 1.0524.

Standard deviation = 1.0524 = 1.0256.

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