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PBS News Hour reported that 39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website, December 15, 2014). Assume that 50 Americans between the ages of 25 and 64 are selected randomly. a. What is the expected number of people with at least a two-year college-degree? b. What are the variance and standard deviation for the number of people with at least a two-year college degree?

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STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884

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Section
BuyFindarrow_forward

STATISTICS F/BUSINESS+ECONOMICS-TE...

13th Edition
Anderson
Publisher: CENGAGE L
ISBN: 9781305881884
Chapter 5, Problem 67SE
Textbook Problem
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PBS News Hour reported that 39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website, December 15, 2014). Assume that 50 Americans between the ages of 25 and 64 are selected randomly.

  1. a. What is the expected number of people with at least a two-year college-degree?
  2. b. What are the variance and standard deviation for the number of people with at least a two-year college degree?

a.

To determine

Compute the expected number of people with at least a two year college degree.

Explanation of Solution

Calculation:

It was found that 39.4% of the Americans between the ages 25 and 24 have at least a two year college degree. A random sample of 50 American’s is taken.

Define the random variable x as the number of Americans between the ages 25 and 24 have at least a two year college degree. Here, a random sample (n) of 50 Americans is taken. Each adult is independent of the other. Also, there are two possible outcomes the American have at least a two year college degree or not (success or failure). It was found that 39.4% of the Americans between the ages 25 and 24 have at least a two year college degree. Thus, the probability of success (p) is 0.394. Thus, x follows binomial distribution...

b.

To determine

Compute the variance and standard deviation for the number of people with at least a two year college degree.

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Chapter 5 Solutions

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