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StatisticsQ&A LibraryIn Exercises 1–5, assume that 74% of randomly selected adults have a credit card (based on results from an AARP Bulletin survey). Assume that a group of five adults is randomly selected.Credit Cards Find the mean and standard deviation for the numbers of adults in groups of five who have credit cards.Question

Asked Jan 21, 2020

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In Exercises 1–5, assume that 74% of randomly selected adults have a credit card (based on results from an AARP Bulletin survey). Assume that a group of five adults is randomly selected.

Credit Cards Find the mean and standard deviation for the numbers of adults in groups of five who have credit cards.

Step 1

Define the random variable *x* as the number of adults who have credit card. Here, the number of adults chosen (*n*) is 5 and each of them is independent of the other. Also, there are two possible outcomes (have a credit card and not have a credit card) and the probability that an adult will have credit card (*p*) is 0.74. Thus, *x* follows binomial distribution.

The binomial distribution formula is,

Step 2

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