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 s 6 7 8 9 10 11 12 13 P(x) 0.03 0.07 0.07 0.12 0.18 0.15 0.19 0.10 0.05 0.03 0.01 (a) Find the expected number of years of patent life for a new drug. 9.55 (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. Need Help? Read it

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 s 6 7 8 9 10 11 12 13 P(x) 0.03 0.07 0.07 0.12 0.18 0.15 0.19 0.10 0.05 0.03 0.01 (a) Find the expected number of years of patent life for a new drug. 9.55 (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. Need Help? Read it

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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