Textbook ExpertVerified Tutor
16 Nov 2021
Given information
The time (in years) after reaching age that it takes an individual to retire is approximately exponentially distributed with a mean of about five years. Suppose we randomly pick one retired individual. We are interested in the time after age to retirement.
Step-by-step explanation
Step 1.
As found in the previous problem, the random variable is given by,
where the decay parameter .
Since the distribution is exponential, therefore the distribution function is given by,
The value of will be maximum, when i.e. on axis.
Therefore, the graph is given as follows:
with axes labeled.
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