The time (in years) after reaching age sixty that it takes an individual to retire is...
The time (in years) after reaching age sixty that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age sixty to retirement.
In each appropriate box you are to enter either a rational number in "p/q" format or a decimal value accurate to the nearest 0.01 .
(3%) The time after sixty to retirement is modeled by a random
variable X with X∼ (
) distribution.
(3%) The mean of X is μX=
.
(3%) The standard deviation of X is σX=
.
(3%) Probability that individual retired after 75 is P(X>15)=
.
(3%) Do more people retire before 65 or after 65 ?
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The time (in years) after reaching age sixty that it takes an
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Problem 3 The time (in years) after reaching age sixty that it takes an individual to...
Problem 3 The time (in years) after reaching age sixty that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age sixty to retirement. In each appropriate box you are to enter either a rational number in "p/q" format or a decimal value accurate to the nearest 0.01 . a. The time after sixty to retirement is modeled...
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