Chapter 6, Section 6.2, Question P15 The amount you save varies from week to wee

Question

Chapter 6, Section 6.2, Question P15 The amount you save varies from week to week, but averages $45 with a standard deviation of $10. a. What is the expected amount you would save in a year (52 weeks)? What is the standard deviation of your yearly savings? Expected value = $ Standard deviation = $ Round the answer to the nearest cent. b. If your grandmother adds $30 a week to your savings, what is the expected amount that you would save in a year? Expected value = $ What is the standard deviation? Standard deviation$ . Round the answer to the nearest cent.

Explanation / Answer

a)expected value=45*52=2340

std deviation =population std deviation*sqrt(n)=10*sqrt(52)=72.11

b)

expected value=45*52+30*52=3900

std deviation=72.11 (as grandmother saving is constant and not adds any deviation)

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