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2.85         (b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56% per year

2.85         (b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56% per year

Calculus For The Life Sciences
Calculus For The Life Sciences
2nd Edition
ISBN:9780321964038
Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.
Chapter12: Probability
Section12.3: Conditional Probability; Independent Events; Bayes' Theorem
Problem 85E
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The interest rates paid by 30 financial institutions on a certain day for money market deposit accounts are shown in the accompanying table.

Rate %     2     2.25     2.55     2.56     2.58     2.60     2.65     2.85    
Institutions     1     8     8     2     2     7     1     1    


Let the random variable X denote the interest rate per year paid by a randomly chosen financial institution on its money market deposit accounts.

(a) Find the probability distribution associated with these data. (Round your answers to three decimal places.)
    Rate %         
P(X = x)
    2        
    2.25        
    2.55        
    2.56        
    2.58        
    2.60        
    2.65        
    2.85        

(b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56% per year. (Round your answer to three decimal places.) 
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