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The statement that is not true here is that The mean daily salary is greater than $350 per day. option C.
This formula is of the form Y = a + bX. This has X as the independent variable and Y is the dependent variable. a and b are the intercept and the slope.
y = amount of money made by a random selected loan agent on a randomly selected day
a = 150 dollars
b = 50 dollars
X = loan amount
Now we have to find the expected value of X. E[X]
E(x) = (1*0.05) + (2*0.10) + (3* 0.22) + (4*0.30) + (5*0.18) + (6*0.12) + (7*0.03)
E(X)= 3.94
The we find E(Y)
E(y) = 150 + (50 × 3.94)
= 150+197
= $347
Therefore, we have to conclude that option C is not correct because the mean daily salary is 347 dollars and this amount is not greater than 350 dollars.
Read more on the mean amount here:
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At a certain company, loan agents are paid based on the number of loans they close in a day. Based on company records, the number of loans X that a randomly selected loan agent closes on a randomly selected day has the probability distribution below.x 1 2 3 4 5 6 7p(x) 0.05 0.10 0.22 0.30 0.18 0.12 0.03 At the company, the daily salary of a loan agent is $150 plus $50 per loan closed. Let YY represent the amount of money made by a randomly selected loan agent on a randomly selected day. Which of the following statements is NOT true?A. The mean of X is less than the mean of Y. B. The standard deviation of Y is approximately $71. C. The mean daily salary is greater than $350 per day. D. The standard deviation of X is less than the standard deviation of Y. E. The shape of the probability distribution of Y is unimodal and roughly symmetric.