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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.

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Expert Answer

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,

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Step 2
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