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Storm damage can occur to homes in any given year, with the amount of damage varying randomly from year to year. Let X represent the dollar value of storm damage in a given year. It is known that in 95% of the years, X = $0, while in 5% of the years, X = $20,000. What is the expected value and standard deviation of the damage in any given year?

Storm damage can occur to homes in any given year, with the amount of damage varying randomly from year to year. Let X represent the dollar value of storm damage in a given year. It is known that in 95% of the years, X = $0, while in 5% of the years, X = $20,000. What is the expected value and standard deviation of the damage in any given year?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.5: Comparing Sets Of Data
Problem 11PPS
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Storm damage can occur to homes in any given year, with the amount of damage varying randomly from year to year. Let X represent the dollar value of storm damage in a given year. It is known that in 95% of the years, X = $0, while in 5% of the years, X = $20,000. What is the expected value and standard deviation of the damage in any given year?
Transcribed Image Text:Storm damage can occur to homes in any given year, with the amount of damage varying randomly from year to year. Let X represent the dollar value of storm damage in a given year. It is known that in 95% of the years, X = $0, while in 5% of the years, X = $20,000. What is the expected value and standard deviation of the damage in any given year?
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