Question: Compute the mean and standard deviation for the following probability distribution. Show your calculations (may be typed or hand-written) . (10 pts)

A major credit rating company computes consumers’ credit scores. Each consumer’s score is grouped into one of 8 ranges of scores. The scores stored as integer values in the probability distribution table below represent a credit score range. (1=a credit score within the range of 309-499; 2=score range 500-549; 3=score range 550-599; 4=score range 650-699; 5=700-749; 6=750-799; 7=750-799; 8=800-818).

1. What is the mean of the random variable credit score range? What is the variance? Use this table (or one like it) for your calculations:

   x i	p i	x i p i	(x i -µ x ) 2 p i
   		µ x = ____	\[\sigma \] x 2 = ______

2. Recall that the standard deviation ( \[\sigma \] _x ) is the square root of the variance ( \[\sigma \] _x ² ).

   Statistic	Results from your manual calculation
   µ x
   \[\sigma \] x

3. Scores within or above range 6 are considered good (I’m guessing). What is the chance that a randomly selected consumer will have a credit score within range 6 or higher? (show your work) ____________

Price: $2.99

Solution: The downloadable solution consists of 2 pages
Deliverable: Word Document