8. It has been estimated that about 18.5% of adults whose income is below the poverty level work full-time throughout the year. A random sample of 150m people whose poverty level meets the criteria have been chosena. What is the expected value?b. Calculate the standard deviation

Accepted Solution

Answer: The expected value is 27.75 million and standard deviation is 81.5% Explanation:Given the sample was selected from the population The population was of 150 million people (a) Expected Value Given that the adults whose income is below poverty line is 18.5% Expected value = 18.5% of 150 million = [tex]\frac{18.5}{100} \times 15,00,00,000=2,77,50,000[/tex]= 27.75 million Therefore, the expected value is 27.75 million (b) Standard deviation Standard deviation = Β [tex]\frac{150000000-27750000}{150000000} \times 100=81.5 \%[/tex]Standard deviation is 81.5%