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Probability of Magazine Subscription

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Several Students enrolled in a finance course subscribe to Money magazine. If two students are selected at random from this class, the probability that neither of the chosen students subscribes to Money is 0.81. Furthermore, the probability of selecting one student who subscribes and one student who does not subscribe to this magazine is 0.18. Finally, the probability of selecting two students who subscribe to Money is 0.01. Let X be the number of students who subscribe to Money magazine form the two selected at random. Find the mean and standard deviation of X.

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Solution Summary

This solution calculates the probability of selecting two students who subscribe to money as well as determine the mean and standard deviation.

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Several Students enrolled in a finance course subscribe to Money magazine. If two students are selected at random from this class, the probability that neither of the chosen ...

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