Three students were asked to draw a diagram of the following situation and their responses are recorded below:
1 answer:
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well, do a payments table of values, just like before for each mont hmm let's see
1st month.......................3500 + p(1)
2nd month....................3500 + p(2)
3rd month.....................3500 + p(3)
4th month.....................3500 + p(4)
5th month.....................3500 + p(5)
36th month..................3500 + p(36)
Answer:
The mean number of adults who would have bank savings accounts is 32.
Step-by-step explanation:
For each adult surveyed, there are only two possible outcomes. Either they have bank savings accounts, or they do not. So we use the binomial probability distribution to solve this problem.
Binomial probability distribution
Probability of exactly x sucesses on n repeated trials, with p probability.
The expected value of the binomial distribution is:
In this problem, we have that:
If we were to survey 50 randomly selected adults, find the mean number of adults who would have bank savings accounts.
This is E(X) when .
So
The mean number of adults who would have bank savings accounts is 32.