When parking car in downtown parking lot, drivers pay according to number of hours or fraction thereof. The probability distribution of the number of hours cars are parked has been estimated as follows:
X 1 2 3 4 5 6 7 8
P(X) 0.218 0.135 0.124 0.084 0.058 0.03 0.031 0.32
A. Mean =
B. Standard Deviation =
The cost of parking is 3.25 dollars per hour. Calculate the mean and standard deviation of the amount of revenue each car generates.
A. Mean =
B. Standard Deviation =