QuestionThe interest rates paid by 30 financial institutions on a certain day for money market deposit accounts are shown in the accompanying table. \begin{tabular}{lcccccccc} \hline Rate \% & 2 & 2.25 & 2.55 & 2.56 & 2.58 & 2.60 & 2.65 & 2.85 \\ \hline Institutions & 1 & 7 & 8 & 3 & 2 & 6 & 1 & 2 \\ \hline \end{tabular}
Let the random variable $X$ denote the interest rate per year paid by a randomly chosen financial institution on its money market deposit accounts. (a) Find the probability distribution associated with these data. (Round your answers to three decimal places.) \begin{tabular}{cc} \hline Rate \% & $\boldsymbol{P}(\boldsymbol{X}=\boldsymbol{x})$ \\ \hline 2 & $\square$ \\ \hline 2.25 & $\square$ \\ \hline 2.55 & $\square$ \\ \hline 2.56 & $\square$ \\ \hline 2.58 & $\square$ \\ \hline 2.60 & $\square$ \\ \hline 2.65 & \\ \hline 2.85 & \\ \hline \end{tabular} (b) Find the probability that the interest rate paid by a financial institution chosen at random is less than 2.56\% per year. (Round your answer to three decimal places.) $\square$ Need Help? Read It