X | P(X) | XP(X) | X^2P(X) |
1 | 0.224 | 0.224 | 0.224 |
2 | 0.128 | 0.256 | 0.512 |
3 | 0.102 | 0.306 | 0.918 |
4 | 0.088 | 0.352 | 1.408 |
5 | 0.064 | 0.32 | 1.6 |
6 | 0.03 | 0.18 | 1.08 |
7 | 0.02 | 0.14 | 0.98 |
8 | 0.344 | 2.752 | 22.016 |
TOTAL-> | 1 | 4.53 | 28.738 |
Mean :
Therefore mean parking time is 4.53 hours .
Standard deviation :
Standard deviation of parking time is 2.8665 hours .
Now the cost of parking is 4.25$ per hour
Mean of amount of revenue each car generate = E(X) * 4.25$ = 4.53 * 4.25 =19.2525 $
And
Standard deviation of amount of revenue each car generate = sd * 4.25$ = 2.8665 * 4.25 =12.1826 $
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