Question

An orthodontist has three financing​ packages, and each has a different service charge. He estimates that...

An orthodontist has three financing​ packages, and each has a different service charge. He estimates that 20​% of patients use the first plan which has a​ $10 finance​ charge; 10​% use the second plan which has a ​$20 finance​ charge; and 70​% use the third plan which has a ​$30 finance charge. Complete parts a and b.

Find the standard deviation of the service charge.

σ=​$______?

Math   Statistics-And-Probability   
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Answer #1

Solution :

x P(x) x * P(x) x2 * P(x)
10 0.2 2 20
20 0.1 2 40
30 0.7 21 630
Sum 1 25 690

Mean = = X * P(X) = 25

Standard deviation =

=X 2 * P(X) - 2

=  690 - 252

= 8.0623

= $8.0623

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