Question: Please answer these questions with the information provided 5) Let X represent the number of occupants in a randomly chosen car on a certain stretch
Please answer these questions with the information provided
5) Let X represent the number of occupants in a randomly chosen car on a certain stretch of highway during morning commute hours. A survey of cars showed that the probability distribution of X is as follows.
x12345 P(x) 0.70 0.15 0.10 0.03 0.02
a) Find P(2).____________
b) Find P(More than 3).________
c) Find the probability that a car has only one occupant. ___________
d) Find the probability that a car has fewer than four occupants._________
e) Compute the mean X. ________________
f) Compute the standard deviation X.________________
6) An investor is considering a $30,000 investment in a start-up company. She estimates that she has a probability of 0.30 of a $20,000 loss, probability of 0.20 of a $35,000 profit, probability of 0.35 of a $45,000 profit, and probability 0.15 of breaking even (a profit of $0). What is the expected value of the profit? Would you advise the investor to make the investment? Explain why?
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