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Calculating mean, variance, and standard deviation for a given distribution.

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A recent survey by an insurance company showed the following probabilities for the number of automobiles each policyholder owned. Find the mean, variance, and standard deviation for the distribution.

X:Automobiles - 1 2 3 4
P(X) 0.5 0.35 0.11 0.04

Please include formulas.

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Solution Summary

The following outlines the process of calculating mean, variance, and standard deviation. The probability for the number of automobiles for policyholders are analyzed.

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