The time (in years) after reaching age sixty that it takes an individual to reti
ID: 3390012 • Letter: T
Question
The time (in years) after reaching age sixty that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age sixty to retirement. In each appropriate box you are to enter either a rational number in "p/q" format or a decimal value accurate to the nearest 0.01 .
The time after sixty to retirement is modeled by a random variable X with X (pick one) NBEU ( ) distribution.
The mean of X is X= .
.
Probability that individual retired after 67 is P(X>7)= .
Explanation / Answer
The time (in years) after reaching age sixty that it takes an individual to reti