During the summer months, a rental agency keeps track of the number of chain saw

Question

During the summer months, a rental agency keeps track of the number of chain saws it rents each day during a given period and X denotes the number of saws rented per day: Check a probability distribution. Find the mean, variance, and standard deviation for the probability distribution. If X is binomially distributed with 5 trials and a probability of success equal to 0.3 at each attempt. What is the probability of exactly 4 successes? Also find the parameter mean, variance and standard deviation? Find P (z 1.82) P (-1.18

Explanation / Answer

2.X follows Binomial (5,0.3)

a)P(X=4)=5C4*0.3^4*0.7^1

=0.02835

b)The mean is np=5*0.3=1.5

The variance=np(1-p)=1.5*0.7=1.05

The standard deviation is sq rt of 1.05=1.02

3.a)P(z<2.37)=0.9911

b)P(z>1.82)=1-P(z<1.82)=1-0.9656=0.0344

c)P(-1.18<z<2.1)=P(z<2.1)-P(z<-1.18)

=0.9821-0.1190=0.8631

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