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Computing Mean and standard deviation using discrete probability distribution.

To play a game you must pay $5 for each play. There is a 10% chance you win $7, a 35% chance you win $5, and a 45 percent chance you win only $1.

• Find out the probability distribution of your net winnings if you play one time. find out the mean and the standard deviation.

• You play twice. Assuming the plays are independent events, what are the mean and the standard deviation of your total winnings?

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
  • Reference No.:- M919697

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