What is the probability of observing a value of times that is greater than 5? Co

Question

What is the probability of observing a value of times that is greater than 5? Consider a game that promises to pay you $10 times value shown on a toss of a single die. For example, . if you roll a 5.you will receive $50. What is the expected value of the outcome of this game? Consider a game that promises to pay you $10 times value shown on a toss of a single die. For example, if you roll a 5.you win receive $50. What is the variance of this outcome? (Report your result with two decimal points of accuracy.) Use your results from question 12 and the properties of expectation to determine the expected value of a game in which the payment equals $20 times the outcome on a single roll of a fair die. Use your results from question 13 and the properties of expectation to determine the variance of the outcome of a game in which the payment equals $20 times the outcome on a single roll of a fair die. (Report your answer to 2 decimal places.) List the marginal PDF for the # of cars owned by the household. (Be sure to list the probability associated with each possible outcome. If you want to make this look nicer. You may click on the Table icon in the html editor.

Explanation / Answer

Q5.

Probability of observing of X that is greater than 5 = P(X>5) = P(X=10)+P(X=15)+P(X=20) = 0.1420455 + 0.3409091 + 0.4829545 = 0.9659

Values ( X ) Frequency(f) P(X)= f/ f 5 0.06 0.0340909 10 0.25 0.1420455 15 0.6 0.3409091 20 0.85 0.4829545

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