Given that the mean and the variance of the binomial random variable X is 5 and 15/8 respectively, find the values of n and p in the binomial distribution of X.
How do I start??
How do I start??
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Start with the formulas:
mean = n*p
variance = n*p*(1-p)
Given:
mean=5
variance=15/8
Equating,
5=n*p
15/8=n*p*(1-p)
Then use the system of linear equation to solve for n and p.
mean = n*p
variance = n*p*(1-p)
Given:
mean=5
variance=15/8
Equating,
5=n*p
15/8=n*p*(1-p)
Then use the system of linear equation to solve for n and p.