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Chapter 6: Q.1.1 (page 362)

A large auto dealership keeps track of sales made during each hour of the day. Let X= the number of cars sold during the first hour of business on a randomly selected Friday. Based on previous records, the probability distribution of Xis as follows:

The random variable Xhas mean μX=1.1and standard deviation σX=0.943.

Suppose the dealership’s manager receives a 500bonus from the company for each car sold. Let Y = the bonus received from car sales during the first hour on a randomly selected Friday. Find the mean and standard deviation of Y.

Short Answer

Expert verified

From the given information, the required mean and standard deviation are550and471.50respectively.

Step by step solution

01

Given Information

It is given in the question that, Bonus on each day is 500

mean is 1.1

Standard deviation is0.943

02

Step 2: Explanation

The mean and standard deviation of Ycan be calculated as :

localid="1649912763196" μY=500μX=500(1.1)=550σY=500σX=500(0.943)=471.50

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