X (Amount in $) P(X) 1 .45 2 .30 5 .15 10 ?? a) What is the probability that $10

Question

X (Amount in $)         P(X)
   1             .45
   2                        .30
   5                              .15
   10                           ??

a) What is the probability that $10 comes up?
b) Find P(X< 4)
c) Compute expected value (or mean), Variance and Standard Deviation of X.
d) Is the above probability distribution discrete or continuous?

1. A game of chance is played by spinning a wheel and paying the amount that comes up. There are four possible outcomes with the following probabilities. P(X) .45 X (Amount in S) 2 .15 10 2? a) What is the probability that $10 comes up? b) Find P(X

Explanation / Answer

a. P(x=10)=1-0.45-0.30-0.15=0.1

b. P(x<4)=0.30+0.45=0.75

c. Mean=sum(xp(x)=2.8

E(x^2)=sumx^2p(x)=15.4

V(x)=E(x^2)-mean^2=15.4-2.8^2=7.56

So sd=sqrt(V(x)=2.75

d. It is discrete

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