Step 1 :The problem is asking for the mean and standard deviation of a binomial distribution. The binomial distribution is used when there are exactly two mutually exclusive outcomes of a trial. In this case, the production of a defective piston is considered a 'success', which occurs with probability \(p = 0.03\). The number of trials is the sample size, which is \(n = 80\).
Step 2 :The mean (or expectation) of a binomial distribution is given by \(np\), and the standard deviation is given by \(\sqrt{np(1-p)}\).
Step 3 :Substituting the given values into the formulas, we get \(mean = np = 80 * 0.03 = 2.4\) and \(std_dev = \sqrt{np(1-p)} = \sqrt{80 * 0.03 * (1-0.03)} = 1.525778489820852\).
Step 4 :Rounding the standard deviation to at least three decimal places, we get \(std_dev = 1.526\).
Step 5 :Final Answer: The mean number of defective pistons in the sample is \(\boxed{2.4}\) and the standard deviation is \(\boxed{1.526}\).