A recent surveyby an insurance company showed the following probabilities for the number of automobiles each policyholder owned. Find the mean, variance, and standard deviationfor the distribution.
X:Automobiles – 1 2 3 4
P(X) 0.5 0.35 0.11 0.04
Please include formulas.
The following outlines the process of calculating mean, variance, and standard deviation. The probability for the number of automobiles for policyholders are analyzed.