Consumer Banker Association released a report showing the

Last updated: 1/26/2024

Consumer Banker Association released a report showing the lengths of automobile leases for new automobiles The results are as follows Lease Length in Months Percent of Leases of Leases of Leases 35 30 25 20 15 10 5 0 35 30 25 20 15 10 13 24 12000550 25 36 5 0 37 48 a Use the midpoint of each class and call the midpoint of the last class 66 5 months for purposes of estimating the expected lease term in months Also estimate the standard deviation in months of the distribution Round your answers to two decimal places expected lease term standard deviation 49 60 More than 60 b Sketch a graph of the probability distribution for the duration of new auto leases 35 30 25 20 13 3 36 7 18 5 30 1 19 6 0 3 x months x months 30 5 42 5 54 5 66 5 Lease Length in Months 18 5 30 5 42 5 54 5 66 5 Lease Length in Months of Leases of Leases 10 5 0 35 30 linnakes 15 10 5 0 18 5 18 5 30 5 42 5 54 5 66 5 Lease Length in Months 30 5 42 5 54 5 66 5 Lease Length in Months