You would need to see the rest of the equation to plug in 7 for x. Treat it as y=equation and replace any x with 7.
Based on the information given, it should be noted that the mean and standard deviation of Y will be 0.4899 and 0.699 respectively.
<h3>Calculating the mean.</h3>
Based on the information given, it should be noted that the probability distribution for y will be:
Y 0 1. 2
Probability 0.63. 0.25. 0.12
The mean of Y will be:
= (0 × 0.63) + (1 × 0.25) + (2 × 0.12)
= 0 + 0.25 + 0.25
= 0.49
The variance will be 0.4899. Therefore, the standard deviation will be:
= ✓0.4899
= 0.699
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A loan of $1500 attracts a daily interest of 3(0.29) = $0.87
For 120 days you pay $0.87 x 120 = $104.40 interest.
I = PrT; where P is the principal, r is the annual interest rate and T is the time.
500 x r x 1/365 = 0.29
r = 0.29 x 365 / 500 = 105.85/500 = 0.2117
Therefore,, Annual interest rate = 21.17%
Cost = .10 x ( n ) + 50
= .10(400) + 50
= 40 + 50
= 90
I hope this helps.
