Discrete probability distribution: mean, standard deviation
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When parking a car in a downtown parking lot, drivers pay according to the number of hours or parts thereof. The probability distribution of the number of hours cars are parked has been estimated as follows:
x 1 2 3 4 5 6 7 8
P(x) 0.24 0.18 0.13 0.1 0.07 0.04 0.04 0.2
Find the mean and standard deviation of the number of hours cars are parked in the lot.
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Solution Summary
This solution uses Excel to find the mean and standard deviation of a discrete probability distribution.
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