Statistical Analysis



Statistical Analysis

Question No. 1

Given the following problem, (a.) set up a probability distribution table & (b.) find the mean and standard deviation to two decimals. A box contains three $1, 4 $5 bills, five $10 bills and two $20 bills. Let x represent the value of a single bill drawn at random and then replaced.

Solution

It has been given that there were three $1 bills, four $5 bills, five $10 bills and two $20 bills, therefore, N would be 14. The P(X) has been calculated by the following formuls: P(X) = n / N

S. No

x(S)

P(X)

f

Mean (xP(X))

Standard Deviation (v(?((x-µ)2*P(x))))

1

1

0.21

3

0.214285714

0.363715039

2

5

0.29

4

1.428571429

4.268673605

3

10

0.36

5

3.571428571

12.14885806

4

20

0.14

2

2.857142857

28.9767173

SUM

36

1

14

8.071428571

45.75796401

The mean of ...