A survey of households included a question about the number of operating automobiles N currently owned by
Question:
A survey of households included a question about the number of operating automobiles N currently owned by people living at the residence and the interest rate i on the lowest-rate loan for the cars. The results for 100 households are shown.
Number of Cars N Households
0 .............................. 12
1 .............................. 56
2 .............................. 26
3 .............................. 3
≥4 .............................. 3
Loan Rate i, % Households
0.0–2 .............................. 13
2.01–4 ............................ 14
4.01–6 ............................ 19
6.01–8 ............................ 38
8.01–10 .......................... 12
10.01–12........................ 4
(a) State whether each variable is discrete or continuous.
(b) Plot the probability distributions and cumulative distributions for N and i.
(c) From the data collected, what is the probability that a household has 1 or 2 cars? Three or more cars?
(d) Use the data for i to estimate the chances that the interest rate is between 7% and 11% per year.
Step by Step Answer: