The Number of Bad Checks Received Per Day by a Store

question 75

Short Answer

The number of bad checks received per day by a store and the respective probabilities are shown below.
$\begin{array}{ll}\text { Number of Bad Checks }\\\text { Received Per Day }&\text { Probability }\\0 & 0.04 \\1 & 0.06 \\2 & 0.10 \\3 & 0.30 \\4 & 0.20 \\5 & 0.15 \\6 & 0.10 \\7 & 0.05\end{array}$
a. What is the expected number of bad checks received per day?
b. Determine the variance in the number of bad checks received per day.
c. What is the standard deviation?

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Definitions:

Governmental Fund Financial Statements

Financial reports that show the financial position and results of operations of governmental entities, focusing on how money flows into and out of funds.

General Fund

The primary operating fund of a government, covering all financial resources except those required to be accounted for in another fund.

Tax Levy Revenues

Income received by governments from taxing individuals or entities, often used to fund public services.

Bond Proceeds

The funds received by an issuer from the sale of bonds, typically used for financing long-term investments.