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Based on the analysis in Exercise 41, the ferry company decides to increase the cost of a trip to $6. We can calculate the company’s profit Yon a randomly selected trip from the number of cars X. Find the mean and standard deviation ofY. Show your work.

Short Answer

Expert verified

The mean and standard deviation are

μY=3.22

σY=7.74

Step by step solution

01

Given Information

Given in the question that

μX=3.87

σX=1.29

02

Explanation

The earnings per car Xis $6and the costs is $20:

Y=6X-20

Properties mean and standard deviation:

μaX+b=aμX+b

σaX+b=aσX

Then we obtain for Y=6X-20:

localid="1649908128618" μY=μ6X-20=6μX-20=6(3.87)-20=3.22

localid="1649908143820" σY=σ6X-20=6σX=6(1.29)=7.74

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