Question

38. Suppose the number of different accounts the family members have at a bank is given by the following probability distribution: 32% of the families have 1 account; 29% of the families have 2 accounts; 12% of the families have 3 accounts; and the remaining families have 4 accounts. What is the expected number of accounts of a randomly chosen family? (please round your answer to 1 decimal place)

Answer 1

Given :

the number of different accounts the family members have at a bank is given by the
following probability distribution: 32% of the families have 1 account; 29% of the families have
2 accounts; 12% of the families have 3 accounts; and the remaining families have 4 accounts.

Here

p ( x = 4 ) = 1 - ( 0.32 + 0.29 + 0.12)

= 0.27

Now expected number ,

E = Expca) (1*0.32)+(2+0. .29) + (320.12) +(4x 2034 0.27) - E = 2.3

the expected number of accounts of a randomly chosen family is 2.3