(Answered) 1 a game costs 3 every time it is played there is a 1 in 10

Management Studies

1. A game costs $3 every time it is played. There is a 1 in 10 chance of winning $25, a 1 in 5 chance of winning $5 and a 7 in 10 chance of winning nothing. What is the expected value of the game?

2. X is a random variable with E(X) = 100 and V arinace(X) = 15. Find

(a) E(X2).

(b) E(3X + 10).

(d) Variance (-X).

(e) Standard deviation of (-X).

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