Probability and percentile problem

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For each probability and percentile problem, draw the picture.The time (in years) after

Give the distribution of X

reaching age 60 that it takes an individual to retire is approximately exponentially distributed with a mean of about 7 years. Suppose we randomly pick one retired individual. We are interested in the time after age 60 to retirement. (Enter the numerical value as a fraction.)

Find the probability that the person retired after age 71. (Round your answer to four decimal places.)

In a room of 1,000 people over age 80, how many do you expect will NOT have retired yet? (Round your answer to the nearest whole number.)

Reference no: EM132844364

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