The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug-that is, the...

Extracted text: The maximum patent life for a new drug is 17 years. Subtracting the length of time required by the FDA for testing and approval of the drug provides the actual patent life of the drug-that is, the length of time that a company has to recover research and development costs and make a profit. Suppose the distribution of the lengths of patent life for new drugs is as shown here. Years, x 3 4 5 6 7 8 9 10 0.03 0.07 0.07 0.12 0.18 0.15 0.19 0.10 0.05 0.03 0.01 11 12 13 p(x) (a) Find the expected number of years of patent life for a new drug. 9.55 (b) Find the standard deviation of x. (Round your answer to four decimal places.) (c) Find the probability that x falls into the interval p + 20. Need Help? Read It