The Consumer Bankers Association released a report showing the lengths of automobile leases for new automobiles. The

Question:

The Consumer Bankers Association released a report showing the lengths of automobile leases for new automobiles. The results are:

(a) Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. Also find the standard deviation of the distribution.
(b) Sketch a graph of the probability distribution for the duration of new auto leases.

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...