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Chapter 6: Q. 7. (page 367)

Get on the boat! Refer to Exercise 3. Find the mean of Y. Interpret this value.

Short Answer

Expert verified

碌=19.35

Step by step solution

01

Step 1. Given information.

Money collected0510152025
Probability 0.020.050.080.160.270.42
02

Step 2. The mean of Y. 

The expected value (or mean) is calculated by multiplying each possibility y by its probability P(Y = y):

碌=危yP(Y=y)=0x0.02+5x0.05+10x0.08+15x0.16+20x0.27+25x0.42碌=19.35

The average amount of money collected on a random ferry trip is $19.35.

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