Hi everyone! Read through the material below, watch the videos, work on the Excel lecture and follow up with your instructor if you have questions.


Learning Outcomes.

  • Assign probabilities to events using discrete probability distributions.
  • Find the variance and expected value of a discrete random variable.

Topic. This lesson covers: Expected Value and Variance

WeBWorK. Set 4.2



Expected Value
Variance and Standard Deviation of a Discrete Random Variable

Exit Ticket

At a raffle, 1500 tickets are sold at \$2 each for four prizes of \$500, \$250, \$150, and \$75. You buy one ticket. What is the expected value of your gain?