Textbook ExpertVerified Tutor
16 Nov 2021
Given information
The time (in years) after reaching age that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age to retirement.
Step-by-step explanation
Step 1.
As given in the problem that he time (in years) after reaching age that it takes an individual to retire is approximately exponentially distributed with a mean of about five years.
In this context we have,
As already found out
Therefore, the standard deviation is
.
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