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Homework answers / question archive / The probabilities that the life of a machine will vary from 6 to 12 years are given in the table below

The probabilities that the life of a machine will vary from 6 to 12 years are given in the table below

Economics

The probabilities that the life of a machine will vary from 6 to 12 years are given in the table below. Determine the expected life of the machine and the standard deviation (20 points) Life , Years5 6 7 8 9 10 11 12 Probability 0.100.150.20.150.200.100.050.05

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                  Total  
Life 5 6 7 8 9 10 11 12    
Probability           0.100          0.150     0.200            0.150               0.200          0.100             0.050          0.050    
Life*Probability           0.500          0.900     1.400            1.200               1.800          1.000             0.550          0.600          7.950 This is expected value
Expected value - Life           2.950          1.950     0.950          -0.050              -1.050         -2.050            -3.050        -4.050    
Square of above           8.703          3.803     0.903            0.002               1.103          4.203             9.303        16.403        44.420  
Above square / Number of observations                          5.553  
Square root of above                          2.356 This is standard deviation

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