A company assumes that 0.5% of the paychecks for a year were calculated incorrectly. The company has
Question:
(a) Find the mean, variance, and standard deviation.
(b) How many employee payroll records would you expect to examine before finding one with an error?
Use the fact that the mean of a geometric distribution is μ = 1/p and the variance is σ2 = q/p2.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...
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Related Book For
Elementary Statistics Picturing The World
ISBN: 9780321911216
6th Edition
Authors: Ron Larson, Betsy Farber
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