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Chapter 5: Q3 (page 220)

In Exercises 1鈥�5, assume that 74% of randomly selected adults have a credit card (basedon results from an AARP Bulletin survey). Assume that a group of five adults is randomly selected.

Find the mean and standard deviation for the numbers of adults in groups of five who have credit cards.

Short Answer

Expert verified

The mean number of adults in groups of five who have credit cards is 3.7 adults.

The standard deviation for the number of adults in groups of five who have credit cards is1 adult.

Step by step solution

01

Given information

The number of randomly selected adults are n=5.

The probability of randomly selected adults that have a credit card is p=0.74.

02

Compute the mean

Let x represent the number of adults who have a credit card.

In the given scenario, the variable x will follow the binomial distribution.

The mean number of adults in groups of five who have credit cards is computed as,

渭=np=5脳0.74=3.7

Therefore, the mean number of adults in groups of five who have credit cards is 3.7 adults.

03

Compute the standard deviation 

The standard deviation for the number of adults in groups of five who have credit cards is computed as,

蟽=npq=5脳0.74脳0.26=0.9808鈮�1

Therefore, the standard deviation for the number of adults in group of five who have credit cards is 1 adult.

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Most popular questions from this chapter

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