PROBLEM 1
Random variable X 0 1 2 3
P (X=x) .125 .375 .250 .250
Use the table above to determine P(X is greater than or equal to 2).
Determine the expected value of X.
PROBLEM 2
Two fair dice are tossed. You bet $5 that you will roll “an even
sum”. If you roll “an even sum” you win $10. Otherwise you lose
the $5 bet. What is the expected return on this game?
PROBLEM 3
Two fair dice are tossed. You bet $1 that you will roll “doubles”.
If you roll “doubles” you win $60. Otherwise you lose the $1 bet.
What is the expected return on this game?
PROBLEM 4
A probability distribution has an expected value (mean) of 54 and a
standard deviation of 0.7. Use Chebyshev’s inequality to find the
minimum probability that an outcome is between 40 and 68.
Statistics Homework Solutions
#11453
Statistics
Use the table above to determine P(X is greater than or equal to 2). Determine the expected value of X.
PROBLEM 2
Two fair dice are tossed. You bet $5 that you will roll "an even sum". If you roll "an even sum" you win $10. Otherwise you lose the $5 bet. What is the expected return on this game?
PROBLEM 3
Two fair dice are tossed. You bet $1 that you will roll "doubles". If you roll "doubles" you win $60. Otherwise you lose the $1 bet. What is the expected return on this game?
PROBLEM 4
A probability distribution has an expected value (mean) of 54 and a standard deviation of 0.7. Use Chebyshev's inequality to find the minimum probability that an outcome is between 40 and 68.
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