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Card 10 / 25:
The time (in years) after reaching age 60 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 60 to retirement.
Define the random variable. X = _________________________________.Is X continuous or discrete?X ~ = ________μ = ________σ = ________Draw a graph of the probability distribution. Label the axes.Find the probability that the person retired after age 70.Do more people retire before age 65 or after age 65?In a room of 1,000 people over age 80, how many do you expect will NOT have retired yet?
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