Question

2. \begin{tabular}{c|c} \hline Lease Length in Months & Percentage of Leases \\ \hline \( 13-24 \) & \( 12.7 \% \) \\ \( 25-36 \) & \( 37.1 \% \) \\ \( 37-48 \) & \( 28.5 \% \) \\ \( 49-60 \) & \( 21.5 \% \) \\ More than 60 & \( 0.2 \% \) \\ \hline \end{tabular} a. Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. b. Find the standard deviation of the distribution.

          2.
\begin{tabular}{c|c}
\hline Lease Length in Months & Percentage of Leases \\
\hline \( 13-24 \) & \( 12.7 \% \) \\
\( 25-36 \) & \( 37.1 \% \) \\
\( 37-48 \) & \( 28.5 \% \) \\
\( 49-60 \) & \( 21.5 \% \) \\
More than 60 & \( 0.2 \% \) \\
\hline
\end{tabular}
a. Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term.
b. Find the standard deviation of the distribution.

2.

Lease Length in Months Percentage of Leases

13-24 12.7 %

25-36 37.1 %

37-48 28.5 %

49-60 21.5 %

More than 60 0.2 %

a. Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term.
b. Find the standard deviation of the distribution.

Added by Stephen C.

Basic Statistics for Business & Economics

Douglas A. Lind, William G.Marchal,… 9th Edition

Chapter 7

Instant Answer

Solved by Expert Anna D.

Step 1

- For 13-24 months: Midpoint = (13 + 24) / 2 = 18.5 - For 25-36 months: Midpoint = (25 + 36) / 2 = 30.5 - For 37-48 months: Midpoint = (37 + 48) / 2 = 42.5 - For 49-60 months: Midpoint = (49 + 60) / 2 = 54.5 - For More than 60 months: Midpoint = 66.5 (given) Show more…

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2. \begin{tabular}{c|c} \hline Lease Length in Months & Percentage of Leases \\ \hline \( 13-24 \) & \( 12.7 \% \) \\ \( 25-36 \) & \( 37.1 \% \) \\ \( 37-48 \) & \( 28.5 \% \) \\ \( 49-60 \) & \( 21.5 \% \) \\ More than 60 & \( 0.2 \% \) \\ \hline \end{tabular} a. Use the midpoint of each class, and call the midpoint of the last class 66.5 months, for purposes of computing the expected lease term. b. Find the standard deviation of the distribution.