An apartment costs $875 per month to rent. The owner raises the price by 20%
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Answer:
The expected value of lateness hours.
Step-by-step explanation:
The probability distribution of lateness is as follows:
Lateness P (Lateness)
On Time 4/5
1 Hour Late 1/10
2 Hours Late 1/20
3 Hours Late 1/20
The formula of expected value of a random variable is:
Compute the expected value of lateness as follows:
Thus, the expected value of lateness hours.