PassageLet X1,X2,…,XnX_1,X_2,\ldots,X_n be i.i.d. Exponential(λ=2)\mathrm{Exponential}(\lambda=2). Based on the above data, answer the subquestions.
QuestionUsing Chebyshev’s inequality, find an upper bound for P(∣Xˉ−0.5∣>0.25)P(|\bar X-0.5|>0.25), where Xˉ=(X1+⋯+X16)/16\bar X=(X_1+\cdots+X_{16})/16. Enter the answer correct to two decimal places.