Suppose the price of a vacant lot in Thousand Oaks follows a continuous uniform

Question

Suppose the price of a vacant lot in Thousand Oaks follows a continuous uniform distribution between $100,000 and $150,000. Use this information to answer the following questions regarding the probability of the selling price

QUESTION 7

Calculate Var[x].

Remember to round all answers to the second decimal place, and put a box around final answer please use excel to round answer to the second decimal place!!!

Remember to round all answers to the second decimal place, and put a box around final answer please use excel to round answer to the second decimal place!!!

Explanation / Answer

Variance of X   

= (b -a)2 /12

= (150000 - 100000)2 /12

= 208333333.33

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