Mathematics College

Chuck works at the BuyMore where people can bring in broken computers. When a customer enters the store there is a good chance he will not be paid anything from helping them. But sometimes there is a chance he will be paid to work on their computer. The probability of each amount from a random customer is given in the following table: Job payment Probaiblity $8 0.42 $120 0.08 $300 0.05 $1,500 0.02 When the next person walks into the BuyMore, how much money can Chuck expect to get from them on average? Answer to two decimals $ 57.96 What is the probability he will get less than $283 from a random customer? Answer to four decimals What is the standard deviation for the payments from the customers? Answer to two decimals What is the median job payment amount? Answer to two decimals

Answers

Answer 1

The probability he will get less than $283 from a random customer is 0.93. 2. The standard deviation for the payments from the customers is 50678.88. 3. The median job payment amount is 120.

What is standard deviation?

The standard deviation is a statistic that expresses how much variance or dispersion there is in a group of numbers. While a high standard deviation suggests that the values are dispersed over a wider range, a low standard deviation suggests that the values tend to be close to the mean (also known as the anticipated value) of the collection.

The probability of 0 is given as:

p(0) = 1 - (0.42 + 0.08 + 0.05 + 0.02) = 0.43

1. The probability he will get less than $283 from a random customer:

p(x < 283) = p(0) + p(8) + p(120)

= 0.43 + 0.42 + 0.08

= 0.93

2. The standard deviation for the payments from the customers is:

E(x²) = ∑x²p(x) = (0)²(0.43) + (8)²(0.42) + (120)²(0.008) + (300)²(0.05) + (1500)²0.02

= 50678.88

3. The median job payment amount is 120.

Learn more about variance here:

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