A recent study found that 59% of workers between the ages of 20.29 cash out thei
ID: 3203710 • Letter: A
Question
A recent study found that 59% of workers between the ages of 20.29 cash out their retirement accounts when they lose their jobs or move to a new employer. a. What is the probability that exactly 4 workers cashed out their retirement accounts? b. What is the probability that all 14 workers from the sample cashed out their retirement accounts? What is the probability that 11 or fewer workers cashed out the retirement account? d. What are the mean and standard deviation for this distribution? The standard deviation is e. Constant a histogram for this distribution.Explanation / Answer
Assuming that the question pertains to part c and d
p=0.59 and n=14
c) p(x<=11)=1-p(x>11) =1-(p(12)+p(13)+p(14)) = 1-(14C12*(0.59)12(0.41)2 +14C13*(0.59)13(0.41)+14C14*(0.59)14)= 0.9961
d) mean is n*p =14*0.59=8.26
and variance is n*p*(1-p) =3.38
standard deviation is square root of variance =1.84