The random variable Y is the number of color television sets owned by a randomly selected household with annual income between $15,000 and $29,999 Its probability distribution is as follows a Find and interpret the mean of the random variable b Obtain the standard deviation of the random variable b...

a The required calculations are y yPYy 1943 The mean number of color TVs owned by ...

The random variable Y is the number of color television sets owned by a randomly selected household

Question:

The random variable Y is the number of color television sets owned by a randomly selected household with annual income between $15,000 and $29,999. Its probability is as follows.

a. Find and interpret the mean of the random variable.
b. Obtain the standard deviation of the random variable by using one of the formulas given in Definition 5.10 on page 219.
c. Draw a probability histogram for the random variable; locate the mean; and show one-, two-, and three-standard-deviation intervals.

Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...