The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug-that is, the length of time that a company has to recover research and development costs and make a profit. Suppose the distribution of the lengths of patent life for new drugs is as shown here. Years, x 3 4 8. 10 11 12 13 p(x) 0.03 0.07 0.07 0.12 0.18 0.18 0.16 0.10 0.05 0.03 0.01 (a) Find the expected number of years of patent life for a new drug. (b) Find the standard deviation of x. (Round your answer to four decimal places.) (c) Find the probability that x falls into the interval u ± 20.
The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug-that is, the length of time that a company has to recover research and development costs and make a profit. Suppose the distribution of the lengths of patent life for new drugs is as shown here. Years, x 3 4 8. 10 11 12 13 p(x) 0.03 0.07 0.07 0.12 0.18 0.18 0.16 0.10 0.05 0.03 0.01 (a) Find the expected number of years of patent life for a new drug. (b) Find the standard deviation of x. (Round your answer to four decimal places.) (c) Find the probability that x falls into the interval u ± 20.
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter10: Sequences, Series, And Probability
Section10.2: Arithmetic Sequences
Problem 67E
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Transcribed Image Text:The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug-that is, the length of
time that a company has to recover research and development costs and make a profit. Suppose the distribution of the lengths of patent life for new drugs is as shown here.
Years, x 3
5
10
11
12
13
p(x)
0.03 0.07 0.07 0.12 0.18 0.18 0.16 0.10 0.05 0.03 0.01
(a) Find the expected number of years of patent life for a new drug.
(b) Find the standard deviation of x. (Round your answer to four decimal places.)
(c) Find the probability that x falls into the interval u ± 20.
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