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.
- 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
- Openstax Introductory Statistics:
- Introductory Statistics by Sheldon Ross, 3rd edition: Sections 5.3 & 5.4
WeBWorK. Set 4.2
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?