Question
Use the following information to answer the next five exercises: A company wants to evaluate its attrition rate, in other words, how long new hires
Use the following information to answer the next five exercises: A company wants to evaluate its attrition rate, in other words, how long new hires stay with the company. Over the years, they have established the following probability distribution.
Let X = the number of years a new hire will stay with the company.
Let P(x) = the probability that a new hire will stay with the company x years.
x P(x) 0 - 0.12
1 - 0.18
2 - 0.30
3 - 0.15
4 - 0.10
5 - 0.10
6 - 0.05
1. P(x = 4) = _______
2. On average, how long would you expect a new hire to stay with the company?
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