The exchange rate of 2 USD to Euros is 1.8. How many Euros is $34 USD? Round to 1 decimal place.
1 answer:
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Answer:
Step-by-step explanation:
For this case we have the following data given:
X 1 2 3 4 5
F 74 10 11 3 2
The total number of values are 100, so then we can find the empirical probability dividing the frequency by 100 and we got the followin distribution:
X 1 2 3 4 5
P(X) 0.74 0.10 0.11 0.03 0.02
Previous concepts
In statistics and probability analysis, the expected value "is calculated by multiplying each of the possible outcomes by the likelihood each outcome will occur and then summing all of those values".
The variance of a random variable Var(X) is the expected value of the squared deviation from the mean of X, E(X).
And the standard deviation of a random variable X is just the square root of the variance.
Solution to the problem
In order to calculate the expected value we can use the following formula:
And if we use the values obtained we got:
In order to find the standard deviation we need to find first the second moment, given by :
And using the formula we got:
Then we can find the variance with the following formula:
And then the standard deviation would be given by: